Riverbank council accepts clean FY 2024'025 audit, cites $1.45 million surplus

The Riverbank City Council unanimously accepted the city's FY 2024'025 annual financial report and independent audit at its regular meeting, council members voted 5-0 to approve item 10.1.

Assistant City Manager Tammy Alcantor, who presented the report prepared in accordance with GASB 34, told the council the city received an unmodified (clean) audit opinion from Gallagher Gateway and that the city's combined net position as of June 30, 2025, was $144,300,000, a 4.5% increase from the prior year. "The audit provides reasonable assurance that the financial statements are free from material misstatements," Alcantor said.

Alcantor highlighted several fund-level figures the council relied on in its review: the city reported a $1,450,000 surplus for the fiscal year; the general fund closed at $10,500,000; roughly 61% of net position (about $87,900,000) is invested in capital assets; and the city reported nearly $25,400,000 in unrestricted net assets. Business-type activities (water, sewer, community center) generated $4,760,000 in excess revenue and held $48,000,000 in net assets, with about $19,000,000 unrestricted, Alcantor said.

Alcantor also summarized operating figures: total city revenues were $23,100,000 and expenditures $21,600,000 for the year, leaving the stated surplus. The sewer fund reported $7,600,000 in service revenues (up 24.7%), and the water fund reported $3,300,000 in service revenues (up 4.3%). She noted water rates have not increased since 2019 and staff has issued an RFP for a water-rate study and is evaluating proposals.

The presentation listed recent capital work and purchases: the 7th Street Outfall project, Roselle and Southbrook intersection improvements, a public-works modular building and parking lot, the Clarabelle Road overlay, the Patterson Road sidewalk from Rosell to Highway 108, purchase of land for a future well site, and a street sweeper. Alcantor said restricted funds total about 21.5% of net position and that most long-term debt is tied to capital projects; business-type long-term debt totaled about $6,800,000, including a master lease for a citywide meter upgrade.

After questions from council and the public, a council member moved to accept the audit and the motion was seconded; the roll-call vote was 5-0 in favor. The council recorded that the motion passed and thanked staff for completing the audit process.

Next steps noted by staff included posting the audit documents for public review and continuing work on the water-rate study and related capital planning.

Ending: The council moved on to additional council reports and then recessed to closed session; upon reconvening it reported limited closed-session actions and adjourned the meeting.