Glendale posts improved FY2025 financial results, upgrades from S&P and unmodified auditor opinion

Finance staff presented Glendale’s FY2025 Annual Comprehensive Financial Report at the Jan. 13 workshop, describing the report’s structure, audit requirements and highlights for the council. The presentation noted the city received an unmodified opinion from independent auditors and that the Government Finance Officers Association granted the city a Certificate of Achievement for Excellence in Financial Reporting for the 30th consecutive year.

Controller Megan Elgin summarized key figures: the city’s total net position (presented in the report’s thousands format) exceeded $1.7 billion, the city closed on multiple bond financings during the fiscal year and outstanding debt and pension liabilities are reflected in the report. The presentation noted $892 million in outstanding bond debt and detailed recent activity including refunding and new general obligation and water/sewer bond issues. Staff also referenced S&P Global rating actions during 2025 that improved several issuer and lien ratings, which staff attributed to broad‑based economic expansion and increased financial buffers.

Presenters emphasized the ACFR is prepared under US GAAP and that the city is compliant with single‑audit requirements for federal expenditures. Staff said the full report was issued in late December, is available on the city website and that the city will submit required expenditure limitation and single audit packages to state and federal reviewers by the statutorily prescribed deadlines.

No formal council action was required at the workshop.

Next steps: staff will submit the annual expenditure limitation report to the Arizona Auditor General by the March 31 deadline and make the ACFR materials available for public review online.