For City Council Meeting August 12, 2025
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 2023-2024 Annual Comprehensive Financial Report and Related Documents.
(ACCEPT and FILE)
Body
RECOMMENDATION
Staff recommends that the City Council, Rialto Housing Authority, Rialto Utility Authority, and Successor Agency accept the Fiscal Year 2023-2024 Audit Results and receive and file the Fiscal Year 2023-2024 Annual Comprehensive Financial Report and related documents.
BACKGROUND
City procedures require the completion of an independent audit of the Annual Comprehensive Financial Report (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, 2024, was completed by LSL 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 remaining fund information of the City of Rialto, California, as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America." Attached to this staff report are the following items:
* Annual Comprehensive Financial Report (Formerly the Comprehensive An...
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