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Pacific Grove receives unmodified FY 2023–24 audit; reserves above 35%
Summary
City auditors delivered an unmodified opinion on the FY 2023–24 financial statements, reported no internal-control recommendations, and noted the city meets its 35% reserve policy; council received the audit reports.
The Pacific Grove City Council received the annual audit and comprehensive financial reports for fiscal year 2023–24 after auditors issued an unmodified opinion and identified no recommendations for internal control improvements.
Jeff Marsh, the presenter for the audit, told the council the independent audit was performed in conformance with generally accepted auditing standards and that the city again achieved an unmodified (clean) opinion. Marsh also noted the new popular annual financial report summary (PAFR) that staff prepared to make information more accessible to the public.
The audit found that the city met its reserve policy target of at least 35 percent, reported no findings on Measure X funds, and required no single-audit work because federal expenditures were below the single-audit threshold. Marsh said the audit team expects to work on interim audit procedures in July to return the schedule to the council earlier in the next cycle.
Councilmembers thanked staff for a concise summary and said the PAFR should help set the stage for next year’s budget planning and five‑year forecasting. The council formally received the reports for the fiscal file and related communications.
