Agenda Item Wording:
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Receive the City of Visalia Annual Comprehensive Financial Report (ACFR) -Receive a presentation on the report and accept it for the 2024-25 fiscal year.
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Deadline for Action: 1/20/2026
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Kari Williams, Financial Analyst, kari.williams@visalia.gov, 559-713-4298
Department Recommendation:
It is recommended that the City Council receive a presentation on the report, acknowledge receipt of the ACFR for the year ended June 30, 2025, and provide comments as appropriate.
Background Discussion:
The attached Fiscal Year (FY) 2024-25 ACFR represents the City's financial, operational, and current economic condition for the fiscal year ending June 30, 2025. The City's financial statements for this period have been audited by Brown Armstrong, Accountancy Corporation, the City's independent auditing firm. Their independent auditors report has been incorporated into the ACFR document. This item is presented to the City Council each year for review and acknowledgement.
State law requires the City of Visalia to prepare a complete set of audited financial statements. The attached FY 2024-25 ACFR fulfills this requirement.
The City's independent auditors, Brown Armstrong, have audited the City's financial statements prepared by finance staff for the fiscal year ended June 30, 2025, and have provided an unqualified (clean) opinion. An unqualified opinion concludes, with the highest level of assurance, that the ACFR presents 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; and the respective changes in financial position. There was one audit finding for fiscal year 2024-25.
The ACFR is prepared annually in accordance with generally accepted accounting principles (GAAP) and reporting standards est...
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