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Presentation of the audited 2025 Annual Comprehensive Financial Report
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Submitted by:
John Ruggini
Department:
Finance Department
Issue
As required by state law and governmental accounting rules, the City has compiled the 2025 financial statements. Assembled as an Annual Comprehensive Financial Report based on the Governmental Finance Officers Association requirements, the statements have been audited by Clifton Larsen Allen LLP. Representatives from Clifton Larsen Allen will review the financial results with the Committee and present any audit findings. A copy of the report is attached.
Background/Options
The Management Discussion and Analysis (MDA) section of the Annual Comprehensive Financial Report (ACFR) summarizes the 2024 financial results and will be presented in brief. The ACFR and specifically the MDA should be referred to for more detail.
Highlights from the financial statements include:
Financial Highlights
Net position for governmental activities grew by $10.0 million (11.8%) with most of the growth occurring in the net investment in capital assets and unrestricted.
Net position also grew for Business Activities by $11.6 million similarly driven by investments in capital assets and unrestricted.
Noncurrent liabilities for the primary government fell as a percentage of total assets (a positive trend) as the pension liability increase was offset by a $2.1 million decrease in the Other Post Employment Benefit liability.
The General Fund ended the fiscal year with a $2,778,170 surplus. The City has 71 days of operating expenditures available in its Emergency and Working Capital assigned reserve which represents of 117% of its 60-day benchmark
The Parks Fund posted a $424,448 surplus despite Hart Park being the site of extensive flooding in August. Flood related losses were offset by $453,370 in flood and other insurance proceeds and a $1,000,000 donation from the Tosa Foundation. Repairs continued into 2026 and is anticipate...
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