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Seaside posts clean FY2025 audit; fund balance down as capital spending increases
Summary
The cityreported an unmodified audit opinion for fiscal year 2025, with total net position about $192.2 million and a general fund balance of roughly $36.7 million (a decrease from the prior year) after capital investments and higher public-safety and pension costs; staff said reserves are tightening and the FY26-27 budget process is underway.
Seaside's finance director presented the city's fiscal year 2025 financial results at the Feb. 19 meeting and reported an unmodified (clean) audit opinion from independent auditors.
Key figures: The finance director said the city's total net position ended the year at approximately $192.2 million and that the general fund balance was about $36.7 million as of June 30, 2025, a decrease of roughly $4.4 million from the prior year. Revenues rose (presenter cited ~16% growth) while expenses increased about 22%, driven primarily by public-safety costs (pension and personnel), affordable-housing property acquisitions and transportation, streets and parks investments. The water enterprise fund reported a net position near $2.7 million and a small operating surplus.
Context and next steps: Staff noted the city has used one-time resources in recent years for capital projects and that reserves are beginning to tighten; the presentation said the city will add the financial statements to the March 5 consent agenda for formal accept-and-file action and that the FY2026-27 budget process begins with study sessions in May leading to a June public hearing and possible adoption in mid-June.
What was said: Finance Director Jessie Riley said the audit shows strong financial management and internal controls and described the current environment as one in which investment in infrastructure has reduced unrestricted fund balance but reflects strategic priorities. Council members thanked staff for the clear audit and for attention to long-term capital funding strategies.
