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Council accepts FY 2023–24 audit, hears sobering five‑year forecast as compensation requests spur debate
Summary
The council accepted the city’s FY2023–24 audit (clean opinion) and reviewed the FY2024–25 Q1 status report and five‑year forecast, which showed a narrowing reserve picture over the medium term without new revenue or spending reductions.
The Glendale City Council accepted the City’s Annual Comprehensive Financial Report for the fiscal year ended June 30, 2024, after a presentation by Finance and the City’s external auditors. CliftonLarsonAllen reported an unmodified (clean) opinion and said it had no material weaknesses to report for FY2023–24. The council also received the FY2024–25 first quarter general fund status update and a five‑year forecast.
Finance staff and the external auditor highlighted key figures: the city reported a net position increase for FY2023–24, general fund reserves were approximately $128 million (around 40% of FY23‑24 actual expenditures), and the audit identified significant accounting estimates (pensions, OPEB, landfill post‑closure liabilities) as usual audit matters.
Deputy Finance Director Mary Karamian presented the Q1 results and a five‑year forecast. Staff showed the…
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