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Menlo Park receives clean audit, records $1.6M general‑fund adjustment after interest‑allocation change
Summary
The city received and filed its FY 2024–25 Annual Comprehensive Financial Report; auditors issued a clean opinion. A change in how investment earnings are allocated under GASB rules reduced general‑fund balances and produced a $1.6 million operating deficit for the year.
Menlo Park City Council unanimously voted to receive and file the City’s Annual Comprehensive Financial Report (ACFR) for the fiscal year ending June 30, 2025, after Assistant Administrative Services Director Finney Lai summarized the audited results.
The independent auditors from the Poon Group issued an unmodified ("clean") opinion, indicating the financial statements fairly…
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