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San Jose accepts annual financial report; auditors issue clean opinion after GASB restatement
Summary
City Council accepted the annual comprehensive financial report and related audit. Auditors issued an unqualified opinion while noting the one-time $75 million restatement tied to new GASB guidance on compensated absences; staff said the city—nded the year with an adjusted $10 million net position increase.
San Jose—ity Council on Dec. 9 accepted the city nnual comprehensive financial report and the external auditors' report, with council voting unanimously to approve the two items.
Finance staff and the city's external auditors presented the results. Victor Lowe, deputy director of finance, said the city ocumented a $85,000,000 increase in net position for the year ending June 30, 2025, but after a $75,000,000 restatement required by the Governmental Accounting Standards…
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