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Fullerton audit reclassifies $10 million; staff warns of deeper budget gap without cuts
Summary
City staff told the Fullerton City Council that a FY24‑25 audit and accounting adjustments reclassified about $10 million from unassigned to allocated funds, leaving available reserves lower than previously reported and projecting a $13.7 million baseline gap for FY26‑27 unless the council adopts revenue or expenditure changes.
Interim administrative services director Steven Avalos told the City Council on March 17 that the city’s FY24‑25 audit identified accounting adjustments that change how roughly $10 million of reserve funds are presented and reduce the city’s available general fund balance.
"The city ended the fiscal year with approximately $30,000,000 in total general fund balance," Avalos said during the presentation of the second‑quarter financial report and proposed midyear amendments. He said about $10.2 million is now recorded as allocated for specific purposes and $19.8 million represents the available…
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