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Santa Barbara finance committee accepts 2024 comprehensive financial report, auditors find no material weaknesses
Summary
The City Finance Committee unanimously accepted the City of Santa Barbara's Annual Comprehensive Financial Report for fiscal year 2024. City staff reported a $68.6 million increase in net position, auditors issued a clean opinion, and members flagged pension and self-insurance liabilities and enterprise fund pressures for future attention.
The City Finance Committee on March 18 unanimously accepted the City of Santa Barbara's Annual Comprehensive Financial Report (ACFR) for fiscal year 2024 and voted to forward the report to the full City Council.
Finance Director Keith DeMartini presented the report and said the city's independent auditors, CliftonLarsonAllen (CLA), issued a clean opinion with no material weaknesses, significant deficiencies or control deficiencies identified: "It was one of the cleanest audit reports that we've ever had," DeMartini said, crediting city staff and leadership.
The report shows the citywide net position increased by $68,600,000 for fiscal year 2024, and tax revenues rose by $5,700,000 compared with the prior year, Controller Natalie Licoli told the committee. Licoli summarized the governmentwide statements, noting government activities are supported primarily by sales, property and transient-occupancy taxes and that public safety remains the single largest division requiring general-fund support.
The general fund…
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