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Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2024 <br />January 21, 2025 <br />Page 3 <br />4 <br />7 <br />6 <br />5 <br />SEPARATELY ISSUED REPORTS: <br />In addition to the ACFR and the AQMD reports, CLA performed the following Agreed- <br />Upon Procedures (AUP) examinations. <br />Appropriation Limit Calculations, also known as GANN Limit (Exhibit 5) <br />The GANN limit established the appropriations limit on expenditures for publicly funded <br />programs in accordance with Section 1 of Article XIII of the California Constitution. The <br />Accounting Division is pleased to report that no findings were noted as a result of this <br />AUP Review. <br />City’s Compliance with the Statement of Investment Policy (Exhibit 6) <br />The City elected to have the auditor confirm the City’s compliance with its Investment <br />Policy. The Accounting Division is pleased to report that no findings were noted as a result <br />of this review. <br />Measure X Agreed-Upon-Procedures Report (Exhibit 7) <br />In accordance with SAMC 35-216, staff has prepared an annual report that includes the <br />list of expenditures made with Measure X money for the fiscal year 2023-24. In <br />accordance with SAMC 35-215, CLA has reviewed the annual report prepared by staff, <br />verified the numbers presented, and opined the numbers are fairly stated. On January <br />15, 2025, the audit engagement partner presented the report to the Measure X Citizens <br />Oversight Committee, in accordance with Section 6 of Resolution No. 2019-008 (the <br />Committee’s establishing resolution). We expect the Committee will prepare its annual <br />report and make recommendations to the City Council in time for the budget process, in <br />accordance with the same establishing resolution. <br />As part of the fiscal year 2023-24 audit, CLA offered to meet with each City Council <br />Member individually to allow for transparency of the audit process and facilitate open <br />communication. The City Council also has direct access to the independent auditors <br />throughout the year. <br />ENVIRONMENTAL IMPACT <br />There is no environmental impact associated with this action. <br /> <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />EXHIBITS <br />1. Audit Opinion Letter <br />2. Government Auditing Standards (GAS) Letter <br />3. Governance Letter <br />4. Air Quality Management District (AQMD) Report <br />5. GANN Limit Agreed-Upon Procedures Report <br />6. Investment Policy Agreed-Upon Procedures Report