To: BUDGET AND FINANCE COMMISSION
From: STEPHANIE MEYER, FINANCE DIRECTOR
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PRESENTATION AND DISCUSSION REGARDING ANNUAL FINANCIAL REPORTS FOR FISCAL YEAR ENDED JUNE 30, 2025
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EXECUTIVE SUMMARY
The City’s independent auditors, CliftonLarsonAllen LLP (CLA) have completed the annual audit of the City’s fiscal activities for the fiscal year ended June 30, 2025. CLA will present an audit overview to the Budget and Finance Commission. Following the presentation to the Commission, CLA will present the audit results to the Audit Subcommittee and to the City Council, both planned for September 8, 2026.
Following the City Council presentation, staff will submit the ACFR to the Government Finance Officers Association (GFOA) for consideration in the Excellence in Financial Reporting program. Redondo Beach has received this award for over 30 years through FY 2022-23, with the FY 2023-24 award pending final evaluation.
BACKGROUND
The ACFR is a comprehensive document reflecting the financial position of the City and its component units for the prior fiscal year. The primary purpose of this report, as defined by the City Charter, is to inform the Mayor and City Council of all financial and administrative activities of the previous fiscal year.
In addition, the report serves to inform external agencies regarding the reliability of the City’s financial reporting, internal controls, and strength of financial practices. Its content and format is consistent with general accounting standards and to provide specific reporting consistent with external oversight requirements. As such, the data tables and notes are not primarily designed for general understanding. For general review and understanding, the Transmittal Memo and Manager’s Discussion and Analysis (MD&A), along with the Audit Communication Letter, provide the best general overview of the audit results and significant financial changes during the fiscal year.
Staff also intends to publish ...
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