REPORT TO THE CITY COUNCIL
FROM: SANTINO DANISI, MBA, City Controller/Director
Finance Department
BY: Kaleb Neufeld, MBA, Assistant Controller
Finance Department
SUBJECT
Title
Submission and Acceptance of the City of Fresno Annual Comprehensive Financial Report (ACFR) and Annual Comprehensive Debt Report (ACDR) for Fiscal Year 2025
Body
RECOMMENDATION
Staff recommends that the City Council accept the ACFR and ACDR reports for the fiscal year ended June 30, 2025.
EXECUTIVE SUMMARY
The Annual Comprehensive Financial Report is a set of financial statements prepared in conformity with Governmental Accounting Standards Board (GASB) and detail the financial activities of the City of Fresno for the year ended June 30, 2025. The statements are audited to determine whether they have been presented fairly without any material misstatements. Management is responsible for the preparation and presentation of the statements in accordance with accounting principles generally accepted in the United States of America. The auditor’s opinion concludes that the financial statements are, in fact, presented fairly in all material respects resulting in an unmodified opinion, which is the highest quality opinion available.
The Annual Comprehensive Debt Report is included for City Council acceptance. This report is produced in accordance with Debt Management policies and provides an overview of the City of Fresno’s debt management for fiscal year ended June 30, 2025.
BACKGROUND
All governmental or public entities are required to prepare annual financial statements and have them audited. These financial statements are compiled to form the ACFR. The ACFR is an informative tool highlighting an agency’s financial activity and viability. This report is used by various policy makers, investors, citizens or external agencies to make informed conclusions regarding the financial health of an organization.
As required by the City Charter the statements are audited. Additionally, the ACFR report and necessary disclosures are published to the Electronic Municipal Market Access (EMMA®) system, the official repository for financial and other information for municipal bonds. Lastly, the report will be filed with the Government Finance Officers Association (GFOA) for participation in their Certificate of Achievement in Excellence in Financial Reporting.
In accordance with Government Auditing Standards, the City of Fresno financial statements were audited by The Pun Group Accountants and Advisors who issued their report on March 19, 2026. The issued report opinion is unmodified, which is the highest quality opinion available. This means the statements were presented fairly, in all material respects, and were prepared in accordance with principles generally accepted in the United States of America.
The auditors also issued a report dated March 19, 2026, regarding the City’s internal control over financial reporting and tests of compliance. This report is an integral component of the audit performed in accordance with Government Auditing Standards in considering internal controls and compliance. The auditors did not identify any material weaknesses - a material weakness being a deficiency of the financial statements. Additionally, there were no financial findings or questioned costs in the issued report.
ENVIRONMENTAL FINDING
By the definition provided in the California Environmental Quality Act (CEQA) Guidelines Section 15378, these recommendations do not qualify as a “project” as defined by CEQA.
LOCAL PREFERENCE
Local preference was not a factor since there is no bid involved, nor is State or federal funding involved with this item.
FISCAL IMPACT
This report relates only to the submission of informational financial accounting data and calls for no approval for spending or acceptance of receipts.
Attachments:
City of Fresno Annual Comprehensive Financial Report
City of Fresno Annual Comprehensive Debt Report
Single Audit and Independent Auditors’ Reports