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Atwater City receives FY2024 audit update; council approves routine items
Summary
Atwater City council approved the agenda, minutes and an unaudited treasurer's report at a short meeting; the treasurer reported the FY2024 audit and single audit are complete and "will be issued by the auditor this week," and warned that new GASB statements will change liability calculations and reporting narratives.
Atwater City held a brief council meeting at 5:00 a.m. on Aug. 25, 2025, during which members approved the evening's agenda, the prior meeting minutes and the treasurer's unaudited report for the month ending July 31, 2025. The council then heard a verbal finance update from the treasurer, who said the FY 2324 audit and single audit are complete and will be issued by the auditor this week.
The treasurer told the council the audit will be brought forward later for formal presentation and review, and highlighted two upcoming Governmental Accounting Standards Board (GASB) statements that will affect future reporting. "I am very pleased to report that after countless hours and lots of tedious hard work that the 2324 audit and single audit will be issued this week," the treasurer said. He added that GASB Statement No. 101 changes how the city calculates liabilities for compensated absences and "could produce a higher liability for us," and that GASB Statement No. 103 will require expanded narrative in the management discussion and analysis and explanations for budget-to-actual variances.
The treasurer also pointed council members to free training offered through the state treasurer's website via the California Debt Investment Advisory Commission (CDAC), mentioning short modules for elected officials on debt issuance, pension fundamentals and related topics, and said he had handouts summarizing the guidance.
Votes at a glance - Approval of agenda: announced by the clerk; recorded votes were all yes and the motion passed. (See actions record.) - Approval of prior minutes (regular meeting): motion made and seconded; recorded votes were all yes and the motion passed. - Treasurer's unaudited report (month ending 07/31/2025): motion made and seconded; recorded votes were all yes and the motion passed.
Vice chair and at least one councilmember asked to receive the GASB summaries and CDAC training information; the treasurer said handouts were available. Chair adjourned the meeting at 5:09 a.m.
The council did not receive public comment; the clerk read public comment rules and said no members of the public were present. The treasurer indicated staff will schedule the formal audit presentation to the council at a later meeting.
