Monrovia council receives clean FY24-25 audit, files annual financial report

Monrovia City Council on Feb. 3 received and filed the city's FY24-25 Annual Comprehensive Financial Report after the city's external auditors issued an unmodified opinion and reported no internal-control or compliance findings.

Finance Director Ray Bowman told the council the city's net position was $74,000,000 at June 30, 2025, and key balances rose year over year: total assets increased by more than $25,000,000 and the general fund closed with an ending balance of over $24,000,000. Bowman attributed the improvement to reductions in pension and other post-employment benefit liabilities, reimbursements for capital-improvement projects and one-time settlement revenues.

"Based on the 24-25 audit, I'm happy to report that the city received a clean audit," Bowman said.

Ryan Domino, audit partner for LSL, presented remotely and summarized the audit work, the standards used and the results. "We rendered an unmodified opinion," Domino said. He told the council the audit included testing of federal programs (the city receives more than $750,000 in federal funding per year) and a review of internal controls; he said prior findings had been resolved and that there were no disagreements with management or indications of fraud.

Domino also noted a recent accounting standard change: "GASB issued Statement 101 on compensated absences," and said auditors reviewed the city's calculations of sick and vacation accruals as part of the audit.

After brief discussion, the council moved to receive and file the report and approved it by roll call vote; each member voted yes.

The city manager said staff will return to the council at a future meeting with quarter-two budget updates and additional financial context related to upcoming capital projects such as community center renovations and library improvements.

Provenance: Topic introduced at SEG 1137; final action recorded SEG 1526.