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San Bruno posts $5.2M surplus; $9.2M from Walmart tax-sharing fuels results amid state dispute
Summary
City officials presented the annual comprehensive financial report showing an unmodified auditor opinion and a $5.2 million net revenue for FY 2024-25, a surplus the chief financial officer said was driven largely by a 2020 tax-sharing agreement with Walmart that is now the subject of litigation with the state tax agency.
The San Bruno City Council received the fiscal year 2024-25 annual comprehensive financial report (ACFR) on Jan. 13, where Administrative Services Director and CFO Nick Paggeros said independent auditors issued an unmodified opinion and that the city finished the year with $5.2 million in net revenue.
"The auditors concluded that our financial statements present fairly in all material respects the position of the city," Paggeros told the council. He said the general fund reported $72.5 million in revenues and $56.4 million in expenditures for the year and noted that Measure G (about $3.7 million) is included in…
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