REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Travis Hopkins, City Manager
PREPARED BY: Zack Zithisakthanakul, Acting Chief Financial Officer
Subject:
title
Year-End Audit Results for the FY 2024/25 Annual Comprehensive Financial Report (ACFR)
body
Statement of Issue:
Fiscal Year 2024/25 Year-End Audit Results
The City received an Unmodified (Clean) Audit Opinion for the City’s Fiscal Year (FY) 2024/25 Annual Comprehensive Financial Report (ACFR), which is the highest audit result attainable. In addition, the Government Finance Officers Association awarded their Certificate of Achievement for Excellence in Financial Reporting to the City for the 39th consecutive year. Included as an attachment is the FY 2024/25 ACFR to receive and file.
Financial Impact:
There is no financial impact.
Recommended Action:
recommendation
Receive and File the FY 2024/25 Annual Comprehensive Financial Report and other auditor-issued reports.
end
Alternative Action(s):
Do not approve the recommended action(s) and direct staff accordingly.
Analysis:
Fiscal Year 2024/25 Year-End Audit Results
Auditing firm Davis Farr LLP (Auditors) audited the City’s financial statements and internal control for FY 2024/25. The City received an Unmodified (Clean) Audit Opinion for the FY 2024/25 Annual Comprehensive Financial Report (ACFR), which is the highest opinion possible (Attachment 1).
In addition, the Auditors issued the following reports (Attachment 2):
• AU-C 260 Letter: Auditor’s Communications with Those Charged with Governance
• Air Quality Management District (AQMD) Report
• Appropriations Limit Agreed-Upon Procedures
Environmental Status:
Not applicable
Strategic Plan Goal:
Non Applicable - Administrative Item
Attachment(s):
1. FY 2024-25 Annual Comprehensive Financial Report (ACFR)
2. Other Auditor Issued Reports
3. FY 2024-25 Year-End PowerPoint Presentation