City and Urban Renewal Agency accept clean audits for fiscal year ended June 30, 2025
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Summary
Finance staff presented the Annual Comprehensive Financial Report and the Urban Renewal Agency audit, both receiving unmodified (clean) opinions and no internal control deficiencies; the council and agency accepted the reports by resolution.
City finance staff presented the Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2025, and the independent auditor expressed an unmodified opinion that the statements fairly present the city's financial position.
The presenter told the council the auditors reported no internal-control deficiencies that required a management letter and noted only minor technical cut-and-paste errors. The presenter explained the ACFR's role for external stakeholders such as bondholders and credit rating agencies and highlighted upcoming Governmental Accounting Standards Board (GASB) reporting changes that the city will need to incorporate in future cycles.
Council moved to accept the city's financial statements and the independent auditors' reports; the motion passed on roll call. The Urban Renewal Agency separately heard an agency-level financial presentation and similarly accepted the agency's financial statements and auditors' reports. The agency's maximum indebtedness and tax-increment financing impact were discussed in the subsequent impact report.
Staff said they will distribute the Urban Renewal Agency impact report to overlapping taxing jurisdictions as required by state statute and remain available to answer follow-up questions.
