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Council receives 2024 audited comprehensive financial report showing general fund growth but flagged DIF and advances
Summary
The city's audited 06/30/2024 Annual Comprehensive Financial Report (ACFR) received a clean audit opinion. Staff highlighted a stronger general fund unassigned balance and cash increases but warned of development impact fee deficits and long-term interfund advances that require monitoring.
The Yucaipa City Council received and filed the city's audited Annual Comprehensive Financial Report (ACFR) for the year ending June 30, 2024, during its April 28 meeting. Finance Director Phil White presented the audit highlights and the finance committee's review.
White told council the ACFR earned an unmodified (clean) audit opinion. He highlighted three statements the council typically reviews: the governmental funds balance sheet, the governmental funds statement of revenues and expenditures, and the general fund budget-to-actual reconciliation. "Our general fund looks spectacular,"…
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