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Brentwood posts $2.7 million surplus, receives clean audit for FY 2023-24
Summary
City staff reported a $2.7 million surplus for fiscal 2023-24 and a clean independent audit; the council heard that roughly $733,000 of the surplus will go to pension prepayment and discussed timing for a separate housing tax-credit item.
The City of Brentwood—s finance team reported positive fiscal results for the year ending June 30, 2024, and independent auditors issued an unmodified (clean) opinion, the council heard on Dec. 10.
Finance Director Sonia Agostini summarized fiscal results: "For the year ended 06/30/2024 the city's general fund reported positive financial results with revenues exceeding expenditures and reserve requirements by about $2,700,000," she said, noting $1.1 million in one-time investment gains and a $1.2 million council-directed reduction in planned project spending. The council directed that approximately $733,000 of the remaining surplus be applied to prepay pension obligations.
Amy Meyer of Mays and Associates presented the independent audit and told the council the audit yielded a clean opinion with no material weaknesses or significant deficiencies. "We opine on the City's basic financial statements as a whole... and we are happy to report that we had an unmodified or clean opinion this year," she said.
The audit packet and annual comprehensive financial report (ACFR) also included a Transportation Development Act audit and required communications; auditors reported no compliance findings in the transportation audit and identified routine items such as GASB pronouncements and actuarial estimates that affect long-term liabilities.
During discussion the council asked staff about timing for an unrelated housing tax-credit item: staff warned that delaying further action could jeopardize eligibility for a tax-credit allocation tied to a separate project, a point that prompted council members to consider a special meeting to discuss that business item before year-end. The council ultimately moved that housing item to a date uncertain while retaining the audit acceptance and plan to publish the financial snapshot and awards.
No public speakers commented on the audit and council members praised finance staff for the thorough reporting and recent awards for financial reporting and capital budgeting.
