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This memorandum addresses the External Auditor’s Report to Those Charged with Governance for the City of San José for the year ended June 30, 2025. It recommends accepting the report issued by Macias Gini & O’Connell LLP, which indicates no reportable conditions and a favorable outcome for the fourth consecutive year. The report aims to enhance transparency and accountability in the auditing process. The memorandum is coordinated with the City Attorney’s Office and the City Manager’s Budget Office, and it will be posted on the City’s Council Agenda website for the upcoming City Council meeting.
Key points
The memorandum is addressed to the Mayor and City Council.
It recommends accepting the External Auditor’s Report for the year ended June 30, 2025.
The report was issued by Macias Gini & O’Connell LLP.
There are no reportable conditions in the audit report.
This is the fourth consecutive year with a favorable report.
The memorandum has been coordinated with relevant city offices.
It will be posted on the City’s Council Agenda website for the December 9, 2025 meeting.
Limitations
The document contains placeholders and unfilled fields, such as specific dates and details regarding the council agenda.
The text appears to be truncated, which may affect the completeness of the summary.
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Extracted text preview · 25,363 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: See Below Approved 12/9/25 25-1288 3.4 FROM: Maria Öberg DATE: November 17, 2025 Date: 11/14/25 COUNCIL DISTRICT: Citywide SUBJECT: External Auditor’s Report: Report to Those Charged with Governance for the Year Ended June 30, 2025 RECOMMENDATION Accept the External Auditor’s Report to Those Charged with Governance for the year ended June 30, 2025, as issued by Macias Gini & O’Connell LLP, the City’s external auditor. SUMMARY AND OUTCOME The Report to Those Charged with Governance is a required communication between the City of San José’s external auditor and the City Council. It aims to enhance transparency, clarify responsibilities, disclose significant audit matters, and promote accountability in the auditing process. BACKGROUND The City’s external auditor (Auditor) is responsible for communicating significant matters related to the audit that are relevant to the City Council’s responsibility in overseeing the financial reporting process. The Report to Those Charged with Governance is presented concurrently with the Annual Comprehensive Financial Report. HONORABLE MAYOR AND CITY COUNCIL November 17,...
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The document outlines the agenda for a council meeting scheduled for December 9, 2025, focusing on the audited financial statements for the fiscal year 2024-2025. It includes presentations on the Annual Comprehensive Financial Report, the Successor Agency to the Redevelopment Agency (SARA) audited financial statements, and a report to those charged with governance. The Finance Department prepared the materials, with presentations by key finance officials. The document also details various audits and engagements conducted by the City of San José, including financial reports for different city departments and projects.
Key points
Council meeting agenda for December 9, 2025.
Focus on audited financial statements for fiscal year 2024-2025.
Presentations by Maria Öberg, Victor Lo, and Ben Lau.
Includes Annual Comprehensive Financial Report and SARA Audited Financial Statements.
Highlights various audits and engagements conducted by the City of San José.
Limitations
The document does not provide specific dates for the audits or detailed outcomes.
There are unresolved placeholders and blank fields that affect the completeness of the summary.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 6,497 chars
COUNCIL AGENDA: 12/09/2025 AUDITED FINANCIAL STATEMENTS FOR FISCAL YEAR 2024-2025 Item 3.3 Annual Comprehensive Financial Report Item 9.1 SARA Audited Financial Statements Item 3.4 Report to Those Charged with Governance Prepared by the Finance Department Presenters: Maria Öberg, Director of Finance Victor Lo, CPA, Deputy Director – Accounting Ben Lau, CPA, Partner: Macias, Gini & O’Connell LLP PRESENTATION OVERVIEW Item 3.3 Annual Comprehensive Financial Report Audited Financial Statements Overview Item 9.1 Successor Agency to the Redevelopment Agency (SARA) Audited Financial Statements Overview Item 3.4 Report to those Charged with Governance Independent Auditor’s Report Accounting Standards Implemented Audit Results Management Response 2 AUDITS AND ENGAGEMENTS City of San José Annual Comprehensive Financial Report (ACFR) GANN Appropriation Limitation – Agreed-Upon Procedures San José Mineta International Airport ACFR and Compliance Reports Wastewater Treatment System Financials San José Clean Energy Financials Successor Agency to the Redevelopment Agency (SARA) Financials San José Convention Center and Cultural Facilities Bond Funds Financial...
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The document outlines strategic observations and frustrations regarding the city's financial situation, highlighting a structural deficit in the General Fund, vulnerabilities in the construction market, and reliance on grants. Recommendations for the upcoming budget cycle include strict adherence to one-time funding rules, a dedicated funding stream for infrastructure preservation, and continued management of pension liabilities. The conclusion emphasizes the need for structural alignment in the city's finances.
Key points
General Fund balance decreased to $640.9 million, with a structural deficit due to rising expenditures outpacing revenue growth.
Decline in residential and industrial construction valuation, with a risk to fee revenue and future property tax base.
Significant drop in Capital Grants and Contributions, increasing reliance on state and federal grants.
Recommendations include stopping the use of one-time funds for operational deficits, establishing a funding stream for capital renewal, and managing pension liabilities.
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Extracted text preview · 2,438 chars
12/9/25, 9:03 AM Mail - City Clerk - Outlook Section 3: Strategic Observations & Frustrations 1. General Fund Structural Deficit The General Fund balance dropped to $640.9 million (a decrease of $34.2 million). Frustration: Despite a 6% increase in revenues (driven by Property and Utility Taxes), expenditures rose by 7% (driven by personnel costs and liability claims). We are seeing a "structural deficit" where the cost of providing the same level of service is rising faster than our natural revenue growth. 2. Construction Market Vulnerability The report notes a decline in residential and industrial construction valuation. While commercial valuation was up (driven by data centers), the broader slowdown in housing permits reduces our fee revenue and future property tax base expansion. This is a 3. Reliance on Grants We saw a significant drop in Capital Grants and Contributions (down nearly 28%). Our reliance on state and federal grants for housing and homelessness solutions is a risk factor; when these grant cycles end, the General Fund is often left to pick up the operational tab. Section 4: Recommendations Based on this review, I recommend the Council consider the following...