TITLE:
title
CITY OF COSTA MESA, COSTA MESA FINANCE AUTHORITY, AND COSTA MESA HOUSING AUTHORITY AUDITED FINANCIAL STATEMENTS, AND HOUSING SUCCESSOR ANNUAL REPORT FOR THE PERIOD ENDING JUNE 30, 2025
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DEPARTMENT: FINANCE DEPARTMENT
PRESENTED BY: ANNA ACOSTA, FINANCE MANAGER
CONTACT INFORMATION: ANNA ACOSTA, FINANCE MANAGER, (714) 754-3985
RECOMMENDATION:
recommendation
1. Staff recommends the City Council receive and file the following reports for the fiscal year ended June 30, 2025:
a. Annual Comprehensive Financial Report (ACFR) (Attachment 1).
b. Air Quality Improvement Fund Compliance Report (Attachment 2).
c. Audit Communication Letter (Attachment 3).
d. Independent Accountant's Report on Agreed-Upon Procedures Applied to Appropriation Limit Worksheets (Attachment 4).
2. Staff recommends the City Council and Costa Mesa Financing Authority receive and file the Costa Mesa Financing Authority audited financial statements for the fiscal year ended June 30, 2025 (Attachment 5).
3. Staff recommends the City Council and Housing Authority receive and file the following reports for the fiscal year ended June 30, 2025:
a. Independent Financial Audit of the Costa Mesa Housing Authority, including the Low and Moderate-Income Housing Asset Fund (Attachment 6); and
b. The Fiscal Year 2024-25 Housing Successor Annual Report prepared under the California Health and Safety Code section 34176.1 as the housing successor and section 34328 as a housing authority (Attachment 7).
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BACKGROUND:
Federal Single Audit guidelines require a recipient of federal funds to have an independent annual financial audit and compliance audit of the federal programs. As such, the City has retained an independent public accounting firm of licensed certified public accountants, CliftonLarsonAllen (CLA), LLP, to complete an audit of the City's financial records.
The goal of the financial statement audit is to provide users with reasonable assurance from an independent source that...
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