Finance staff presents FY2024 ACFR; auditors report clean opinion and no compliance issues

City finance staff presented the Annual Comprehensive Financial Report (ACFR) for fiscal year 2024 and auditors reported no material weaknesses. Finance presenter Mr. Zervis told council the city ended the fiscal year with about $1.5 billion in total assets, including roughly $709 million in capital assets, and liabilities near $469 million (about $60 million in bonds payable). "We ended the year with just over $1,500,000,000 in total assets," he said.

The report showed government-wide revenues of roughly $469 million and expenses of $432 million, with a net increase in net position of about $24.4 million. On a governmental-fund basis the general fund recorded approximately $228.3 million in revenues against $217 million in expenditures, producing a $7.7 million surplus for the year. Major revenue sources included approximately $122.7 million in property tax revenue.

Hermes Garzon of CBIZ reported the auditors issued a clean (unmodified) opinion and found no material weaknesses in internal controls. Garzon said the single-audit review of federal and state awards (about $1.6 million federal, $1.2 million state) revealed no reportable noncompliance and offered an administrative recommendation to formalize an OPEB plan document. "We had a clean opinion or unmodified opinion as well," Garzon said.

Council members asked about pension funding and fund-balance classifications; staff noted recent investment returns reduced pension liabilities and described the city's fund-balance policy (10% emergency reserve plus 10% fund-balance target). The ACFR was submitted for GFOA consideration for its 43rd consecutive award.