Item 10 - Fiscal Year 2024-25 Annual Reports

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Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2025 January 20, 2026 Page 3 SEPARATELY ISSUED REPORTS: In addition to the ACFR and the AQMD reports, CLA performed the following Agreed - Upon Procedures (AUP) examinations. Appropriation Limit Calculations, also known as GANN Limit (Exhibit 5) The GANN limit established the appropriations limit on expenditures for publicly funded programs in accordance with Section 1 of Article XIII of the California Constitution. The Accounting Division is pleased to report that no findings were noted as a result of this AUP Review. City's Compliance with the Statement of Investment Policy (Exhibit 6) The City elected to have the auditor confirm the City's compliance with its Investment Policy. The Accounting Division is pleased to report that no findings were noted as a result of this review. Measure X Agreed -Upon -Procedures Report (Exhibit 7) In accordance with SAMC 35-216, staff has prepared an annual report that includes the list of expenditures made with Measure X money for the fiscal year 2024-25. In accordance with SAMC 35-215, CLA has reviewed the annual report prepared by staff, verified the numbers presented, and opined the numbers are fairly stated. On March 11, 2026, the audit engagement partner will present the report to the Measure X Citizens Oversight Committee (Committee), in accordance with Section 6 of Resolution No. 2019- 008 (the Committee's establishing resolution). The report was scheduled to be presented to the Committee on December 10, 2025, but the meeting was canceled due to a lack of a quorum. We expect the Committee will prepare its annual report and make recommendations to the City Council in time for the budget process, in accordance with the same establishing resolution. Auditor's Communication with the City Council As part of the fiscal year 2024-25 audit, CLA offered to meet with each City Council Member individually to allow for transparency of the audit process and facilitate open communication. The City Council also has direct access to the independent auditors throughout the year. ENVIRONMENTAL IMPACT There is no environmental impact associated with this action. FISCAL IMPACT There is no fiscal impact associated with this action. EXHIBITS 1. Audit Opinion Letter 2. Government Auditing Standards (GAS) Letter 3. Governance Letter