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Council receives auditors' report showing unmodified opinion; finance staff kicks off FY 2025–26 budget process
Summary
Assistant Finance Director Linda Tang and auditors reported an unmodified opinion for the fiscal year ended June 30, 2024, and staff outlined the calendar and priorities for the FY 2025–26 budget, including continued 25% reserves and planned facility studies.
Assistant Finance Director Linda Tang and audit manager Terry Robinson of Moss, Levy & Hartenstein presented the City of San Gabriel’s annual comprehensive financial report for the fiscal year ended June 30, 2024, and reported that auditors issued an unmodified (clean) opinion on the city’s financial statements.
Why it matters: The auditors’ clean opinion and the city’s rising reserves affect near-term budgeting and long-term planning for infrastructure, pensions and capital projects such as the Mission Playhouse and public-safety facilities.
Tang told council that the general fund had revenue and transfers in of about $55.145 million, expenditures and transfers out of about $49.738 million, and a positive net change in fund balance of $5.407 million, bringing the general fund ending…
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