San Ramon receives clean audit for FY2024-25; general fund reserves above policy

City officials told the San Ramon City Council on Jan. 27 that the independent audit of the city's fiscal year 2024-25 financial statements resulted in an unmodified (clean) opinion and that the city's general fund reserve exceeded the policy target.

"The independent auditor has rendered an unmodified or clean opinion indicating that the City of San Ramon's financial statements for the year ended 06/30/2025 are fairly presented in conformance with generally accepted accounting standards," auditor Whitney Crockett said during the presentation.

Finance Director Jennifer Wakeman summarized key figures from the annual comprehensive financial report (ACFR): citywide assets of about $497 million, deferred outflows of $32 million, liabilities of $128 million and net position of approximately $392 million. The general fund year-end fund balance was reported at $29.1 million, a $1.8 million increase from the prior year; staff said that first partial receipts of Measure N (about $3.45 million) contributed to that rise and that, under the city's reserve policy, the balance represents roughly 45% of the reserve calculation (above the 36% target).

The auditor reported declines in long-term liabilities driven by investment performance and actuarial assumption changes: combined net pension liability decreased by about $2.6 million and net OPEB liability decreased by about $1.4 million.

Council members asked about the audit's scope and whether the audit addresses budgeting or forecasting practices. Auditor Whitney Crockett and staff clarified that the financial statement audit tests whether amounts in the statements are materially correct and that budgeting and forecasting practices fall outside the audit's primary scope; the city will discuss auditors'observations and recommended internal-control improvements at a Finance Committee meeting scheduled for Feb. 18.

A public speaker, citing a written comment from Brian Swanson, called attention to an alleged $6 million discrepancy in the packet; the commenter urged the council to cover those items. Staff noted the written comments were included in the meeting materials and said staff would follow up as appropriate.

Staff requested that the council accept the ACFR after questions are answered; the presentation closed with no separate acceptance vote recorded in the public meeting minutes. The internal-controls memorandum will be provided and discussed at the Feb. 18 Finance Committee meeting.