For City Council Meeting April 14, 2026
TO: Honorable Mayor and City Council
FROM: Tanya Williams, City Manager
AUTHOR: Scott Williams, Director of Finance
Title
Request City Council, Rialto Housing Authority, Rialto Utility Authority, and Successor Agency to Accept, Review, and File the Fiscal Year 2024-25 Annual Comprehensive Financial Report (ACFR) and Related Documents.
(RECEIVE AND FILE)
Body
RECOMMENDATION
Staff recommends that the City Council, Rialto Housing Authority, Rialto Utility Authority and Successor Agency accept the Fiscal Year 2024-25 audit results and receive and file the Fiscal Year 2024-25 Annual Comprehensive Financial Report and related documents.
The balance sheet financial statement in Figure 1 reflects the City's total assets, liabilities, deferred inflows of resources and fund balance for general fund, major governmental funds, nonmajor governmental funds, and the total of all funds (following statement) for FY2025.
The statement in Figure 2 provides a snapshot of the City's financial position as of June 30, 2025, for all governmental funds.
Figure 1
Figure 2
BACKGROUND
City procedures require the completion of an independent audit of the ACFR, which is then formally reviewed by the City Council in a public meeting. The purpose of the City's ACFR is to provide relevant financial information to the City Council, citizens, current and future employees, grant entities, creditors, bond investors, rating agencies, and other interested parties.
ANALYSIS/DISCUSSION
The annual audit for the year ending June 30, 2025, was completed by The Pun Group in conformity with Generally Accepted Auditing Standards (GAAS). The unmodified, or "clean" opinion given in the Independent Auditor's Report states that "the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate r...
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