AGENDA TITLE:
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Receive and File City’s Annual Comprehensive Financial Report for Fiscal Year 2024/25 by LSL, LLP (IS - FIN)
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MEETING DATE:
May 20, 2026
PREPARED BY:
Chia Lor, Accounting Manager
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RECOMMENDED ACTION:
Receive and file City’s Annual Comprehensive Financial Report for Fiscal Year 2024/25 as submitted by LSL, LLP and the Financial Services Division.
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BACKGROUND INFORMATION:
The City’s annual financial audit provides assurance to the City Council and the public that the City’s financial statements are prepared in accordance with generally accepted accounting principles (GAAP), that internal controls are in place and functioning effectively to safeguard City assets, and that the City is in compliance with all agreements and covenants required for grant funding and debt financing.
For FY 2024/25, LSL, LLP completed the audit and issued both an “unqualified opinion” and a “qualified opinion” on the financial position of the governmental activities, business-type activities, each major enterprise fund, and the aggregate remaining fund information. Partners of LSL, LLP will be present to provide an overview of the audit results and answer any questions during the Council meeting.
The completed ACFR will be provided to federal and state oversight agencies, bond trustees, and insurance companies as part of their review and evaluation. Copies of the reports are provided to the City Council and also available to the public by contacting the Financial Services Division, on the City’s website at www.lodi.gov <https://www.lodi.gov/Archive.aspx?AMID=40> and at the Lodi Public Library.
FISCAL IMPACT:
By law and good management practice, the City’s financial records are audited by independent auditors to generally accepted auditing standards. Well-maintained financial records are the cornerstone by which the City fulfills its fiduciary responsibilities to the public.
FUNDING AVAILABLE:
Not applicable.