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San Buenaventura receives clean FY25 audit; council hears $26M general-fund drawdown
Summary
City staff presented an unmodified (clean) audit opinion for FY24–25 and a comprehensive financial report showing a net position increase to $362M but a $26.4M reduction in the general fund largely tied to one-time expenditures; council voted to receive and file the reports.
San Buenaventura’s finance leaders reported a clean independent audit for the fiscal year ended June 30, 2025, while explaining a one-year drop in the general fund driven largely by planned, multi-year project spending and a discretionary CalPERS payment.
Chief Financial Officer Greg Moley and Accounting Manager Jason Williams told the council the auditor issued an unmodified opinion and found no material weaknesses in internal controls. “In the auditor’s opinion the financial statements are materially correct and free from misstatement,” Williams said, adding that government-wide net position increased to $362 million and ending cash and investments totaled $282.1 million.
But the city’s general fund balance fell by about $26.4 million in FY25. Moley said several planned and nonrecurring actions explain most of the decline: an $8 million discretionary payment to CalPERS to reduce the unfunded liability, a $5 million transfer for the Levis Park Drive levy within a larger $53 million CIP project, extended storm repairs and the Bay Shore incident, and nearly a year of lost revenue from a temporarily closed municipal golf course. He said some costs were funded from prior-year resources and others are expected to be reimbursed by outside agencies in subsequent years.
Marco Quavos, chair of the Measure O citizens oversight committee, reviewed Measure O activity and said revenues rose only modestly while capital expenditures increased sharply year over year as planned projects advanced. “We saw a significant increase in capital expenditures tied to neighborhood lift station work, communication system upgrades and parking-lot improvements,” Quavos said.
Council members asked for more granularity on Measure O revenue sources and on enterprise audits. Council Member McReynolds asked whether Ventura WaterPure is audited; staff confirmed Ventura WaterPure is audited twice annually because of grant requirements and that those audits are included in the financial statements.
Following the presentation the council voted unanimously to receive and file the annual comprehensive financial report and the Measure O financial statements with the independent auditors’ reports.
What’s next: staff said the city will continue to update the council with multi-year financial outlooks and requested direction on any changes to reporting detail the council wants during upcoming budget workshops.
