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Boca Raton posts clean FY2025 audit; ACFR shows $1.16B net position and staff rolls out first PAFR and investment update
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Summary
The city's independent auditors issued a clean opinion on the FY2025 Annual Comprehensive Financial Report; staff highlighted $1.5B in total assets and $1.16B net position, and released a first Popular Annual Financial Report. Treasury reported a blended portfolio yield of 3.79% for FY2025 and explained a year‑to‑year drop in reported investment earnings stemmed largely from unrealized market gains in FY2024.
Deputy CFO Carlisha Jenkins presented the city's FY2025 Annual Comprehensive Financial Report (ACFR) and said the city ended the fiscal year with roughly $1.5 billion in total assets, $739 million in capital assets, and a net position of about $1.16 billion — a net increase of approximately $72.4 million compared with the prior year. The general fund unassigned fund balance finished at about $96.36 million, roughly 26.9% of budgeted expenditures.
Independent auditors from CBIZ reported a clean (unmodified) opinion on the financial statements and no findings in the federal or state single audits. Auditor representatives and finance staff also confirmed there were no reportable internal control deficiencies in the year's external audit.
Staff also introduced the city's first Popular Annual Financial Report (PAFR), a shorter, more visual summary intended for non‑financial audiences. Treasury Manager Cormac Anand presented the investment report, saying the city's strategy had moved toward a laddered portfolio to lock in term yields; the reported blended yield for fiscal 2025 was 3.79%.
Anand explained the apparent drop in investment earnings from FY2024 to FY2025 in the city's published materials: FY2024 included unusually large unrealized market gains that boosted reported investment income under accounting rules; because the city holds investments to maturity and does not routinely sell, those gains remained unrealized and staff cautioned they do not represent cash receipts the city actually spent.
What happens next: staff will make the PAFR available online and in printed copies at public facilities; finance staff and auditors said they will continue to brief the Financial Advisory Board and return with any additional clarifications requested by council.
