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Council receives and files city’s FY 2023–24 comprehensive financial report; auditors issue unqualified opinion
Summary
The City Council received and filed the City of Folsom’s annual comprehensive financial report for the year ended June 30, 2024. Finance Director Stacy reported an unqualified audit opinion, an unassigned fund balance of $24.9 million (21.6% of expenditures), and submission to the Government Finance Officers Association awards program.
The Folsom City Council voted to receive and file the City of Folsom’s annual comprehensive financial report for the year ended June 30, 2024.
Finance Director Stacy told the council the annual audit had been completed and the city received an "unqualified opinion confirming that our financial statements are presented fairly and accurately in accordance with generally accepted accounting principles." She said there were no audit adjustments to previously reported figures and that the city ended the fiscal year with an unassigned fund balance of $24,900,000, equal to 21.6% of expenditures. Stacy said the report would be posted to the city website the following morning and that the city had submitted the report to the Government Finance Officers Association (GFOA) award program.
A motion to move item 4 (receive and file the annual comprehensive financial report) was made and seconded and carried on a roll-call vote: Council Member Leary — yes; Council Member Roesel — yes; Council Member Rohrbach — yes; Mayor Sarah Aquino — yes. Council Member Kozlowski was absent.
The council did not record further debate on policy changes related to the audit in the meeting transcript. The finance director thanked staff for their work and highlighted the team’s expectation that the report will again qualify for the GFOA award.
