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San Buenaventura audit returns unmodified opinion; staff attributes $26.4M general-fund drop to one-time costs
Summary
Auditors issued an unmodified (clean) opinion on the FY24–25 financial statements, while city finance staff told the Finance, Audit and Budget Committee the $26.4 million drop in the general fund balance reflects one-time pension payments and storm-related spending funded from prior-year cash or expected future reimbursements.
Auditors told the Finance, Audit and Budget Committee that the city’s FY24–25 financial statements received an unmodified, or “clean,” opinion and that no material weaknesses in internal controls were identified.
“We had an unmodified clean opinion, which ultimately means that … the auditors found that our financial statements are materially correct,” the audit presenter, Wade, said during the committee’s Feb. 17 meeting.
City Chief Financial Officer Greg Morley told the committee the apparent decline in the general fund balance—reported in staff slides as a $26,400,000 reduction to an…
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