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Auditors give Los Altos Hills a clean FY2024–25 opinion; $1.2M permit-fee refund noted
Summary
Maize & Associates reported an unmodified (clean) opinion on Los Altos Hills’ FY2024–25 finances, a $500,000 rise in net position to $65.8 million and planned $1.0M Section 115 trust contribution; auditors flagged a prior-year $1.2M permit fee overcharge and recommended a footnote and resident reimbursements in FY25–26.
Vicky Rodriguez Valerga, engagement partner at Maize & Associates, told the Finance & Investment Committee that the town’s annual comprehensive financial report for the year ended June 30, 2025, will be issued with an unmodified opinion, the highest level of assurance auditors provide.
The audit shows the town’s total net position increased to $65,800,000, roughly $500,000 higher than the prior year, and the general fund’s unassigned fund balance rose to about $4.4 million. Rodriguez Valerga said revenues exceeded expenditures, driven largely by approximately $400,000 higher property-tax receipts and about $400,000 more investment income than the prior year.
“Overall, fiscal year 2024–25 was a strong year financially,”…
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