Council accepts audit and annual financial report, approves midyear budget changes and finalizes CalPERS cost‑sharing
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Summary
At the March meeting councilors accepted the independent auditors’ unmodified opinion on the city’s FY2023–24 annual comprehensive financial report, approved a mid‑year budget amendment and completed the CalPERS employee cost‑sharing contract amendment following a required second reading and secret-ballot step.
The Redding City Council on Tuesday accepted the city’s Annual Comprehensive Financial Report for the year ended June 30, 2024, and related auditor communications and adopted a mid‑year budget amendment. Councilors also adopted an uncodified ordinance finalizing an amendment that requires certain unrepresented employees and elected officials to pay an increased share of the employer’s CalPERS contribution.
Finance Director Greg Robinette presented the audit highlights and said auditors CliftonLarsonAllen issued an unmodified opinion — the strongest available — on the city’s financial statements for the first year after a major accounting-system conversion. Robinette told council the city expects to receive the Government Finance Officers Association (GFOA) Certificate of Achievement for the report for a consecutive year and highlighted the work required to produce the 300‑page document.
Robinette reviewed key indicators in the report: government-wide net position increases; property-tax growth; volatile grant recognition; and changes in pension and OPEB valuations tied to actuarial assumptions. He emphasized the difference between financial-statement measures and budget cash measures and pointed council to the management’s discussion and analysis for context.
Council then voted to accept the audit committee’s recommendation and to accept the annual comprehensive financial report. Votes were unanimous.
On the mid‑year budget, Finance staff presented updates showing revenues modestly above plan through January while expenditures trended below projections after departmental scrutiny. The council adopted Resolution No. 70 (amending the FY24–25 budget) to adjust appropriations for identified needs across several funds; the motion passed on a unanimous voice vote.
Finally, personnel staff closed a statutory process to amend the CalPERS contract to implement additional employee cost sharing for certain classic (pre‑PEPRA) unrepresented employees and elected officials. The council conducted the required second reading of an uncodified ordinance and finalized the amendment after a secret‑ballot election of affected employees had satisfied CalPERS rules. The ordinance will take effect 30 days after adoption and the payroll changes will align with the next pay period in late April.
Votes at a glance - Accept independent auditors’ annual report (ACFR) for year ended June 30, 2024: approved (unanimous) - Adopt mid‑year budget amendment (Resolution No. 70): approved (unanimous) - Adopt uncodified ordinance authorizing CalPERS contract amendment (employee cost sharing): approved (unanimous)
Ending: Councilors thanked finance staff and the auditors for the unmodified opinion and asked staff to continue providing quarterly updates; personnel staff said payroll and technical steps will follow to implement the CalPERS contribution change.