MEETING DATE:
JANUARY 13, 2026
SUBJECT:
Title
FISCAL YEAR 2024-25 ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR)
Body
Recommendation
Recommendation
NOTE AND FILE the City's Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2025 along with the independent auditors' letter to the City Council regarding audit results.
Body
Board or Commission Action
Not applicable
Relevant Council Strategic Theme
Good Governance
Relevant Department Goal
Maintain Fiscal Health of the City
Executive Summary
At the end of each fiscal year, financial statements are prepared by the City and audited by independent auditors who are contracted through a competitive procurement process.
The Annual Comprehensive Financial Report (ACFR) communicates the City's financial condition and activity in a transparent and organized manner for the fiscal year ended June 30, 2025. Overall, the City's operations continue to show signs of stability, a result of prudent and sound management practices and efforts of the City of San Marcos.
The City received the independent auditor's unmodified (clean) opinion on the ACFR for the fiscal year ended June 30, 2025. The unmodified (clean) opinion communicates to users that the financial statements are fairly presented and that the information used in the report is reliable. The City's independent audit firm has also issued a letter to the City Council communicating audit findings and other matters, as required by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA).
Discussion
At the end of each fiscal year, financial statements are prepared by the City and audited by independent auditors who are contracted through a competitive procurement process. The City's independent audit firm for the ACFR was Rogers, Anderson, Malody & Scott, LLP.
The ACFR is used to communicate the City's financial condition and activity in a transparent and organized manner. In addition...
Click here for full text