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Palo Alto auditors issue clean opinion; GASB change adds $9.5M liability
Summary
City auditors gave the City of Palo Alto an unmodified (clean) opinion on its FY2025 financial statements but noted a retroactive restatement from implementing GASB Statement No. 101 that increased the compensated‑absence liability by $9.5 million; the Finance Committee voted unanimously to forward acceptance of the audit to Council.
The City of Palo Alto’s external auditors issued an unmodified opinion on the city’s fiscal year 2025 financial statements, and the Finance Committee voted unanimously Dec. 2 to forward acceptance of the audit to the City Council.
City Auditor Kate Murdoch told the committee the Office of the City Auditor oversees the annual external audit and that, “This year’s annual audit results are positive and the City received an unmodified opinion across all of the reports that will be presented tonight,”…
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