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Independent auditors issue clean opinion; council accepts East Palo Alto annual financial reports
Summary
The city's independent auditor issued a clean opinion on fiscal-year financial statements and federal compliance; council accepted the annual reports after a presentation highlighting $146 million in cash and a $16 million net pension liability.
The city's independent auditors presented the fiscal-year audit and supplementary reports and issued a clean opinion on the financial statements and on federal compliance. Auditor Ahmad told the council there were no audit adjustments and no significant deficiencies in internal control; the auditor presented key figures, including city cash of about $146 million, capital assets of roughly $94 million, and a net pension liability on the order of $16 million.
"I'm pleased to let you know that we issued a clean opinion on these financial statements," the audit partner said. The presentation noted the city's unrestricted general fund balance was roughly $58 million, with annual expenditures near $28 million. Council members asked about sensitivity to pension discount rate assumptions; auditors explained the long-term projection and the state's role in setting actuarial assumptions. After the discussion, the council adopted a resolution accepting the annual financial reports and directed staff to file required reports with the State Controller's Office.
