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Finance director presents unaudited year‑end statements; staff turnover delayed audit timeline
Summary
Finance Director Julio Morales presented the city’s unaudited basic financial statements (ACFR), reported numbers roughly in line with the adopted budget (about $102M in reserves, $103M in expenditures), and said staff turnover and delayed check processing required catch‑up work; the auditor’s opinion from Vasquez and Company is pending.
Finance Director Julio Morales presented the city’s unaudited basic financial statements (referred to as the ACFR) and summarized the year’s results and audit status.
Morales said the materials presented are unaudited and that the final auditor opinion and management discussion and analysis remain pending. He reported the general fund figures were similar to the adopted budget, citing approximately $102 million in reserves and about $103 million in expenditures; Morales noted a roughly $10 million capital outlay for a building that affects prior‑year comparisons.
Morales acknowledged staff turnover in the accounting group and said delays in check processing and bank reconciliations produced a backlog that contributed to the late report. He estimated the checks in delayed cash flow at about $3 to $3.5 million and said the city had replaced accounting staff and updated procedures to avoid recurrence.
Council asked about the audit firm and Morales said the auditor selected through an RFP was Vasquez and Company; managing partner Roger Martinez (as referenced by Morales) will present the auditor’s opinion at a future meeting once the firm completes its review.
No formal council vote was required for the presentation; Morales said staff will return with the final audited ACFR and supporting documents.
