Fiscal Year 2023-24
Annual Comprehensive
Financial Report
Stephen Walsh
Controller
Finance Department
Purpose of this report:
• Presents City’s financial records in a standardized format that allows for comparisons over time and between organizations
• Audited to assure accuracy and compliance with accounting standards and internal controls
• Backward -looking: reports on City finances as of June 30, 2024 (almost 9 months ago) • Satisfies requirements of City Charter, bond covenants, and external funders • Audit performed by Macias Gini & O’Connell LLP (MGO), represented today by Benjamin Lau, CPA, Engagement Partner
Long -term view: Net position continues to improve.
$ billions
Financial results (1)
Net position = Assets - Liabilities
-$0.3
-$0.1
$0.1
$0.6
$0.9
$1.0
-0.4
-0.2
0.0 0.2
0.4 0.6
0.8 1.0
1.2 2019 2020 2021 2022 2023 2024
Long -term view: Retiree benefits drive changes in net position. $ billions
Financial results (2)
-3.0
-2.5
-2.0
-1.5
-1.0
-0.5
0.0 2019 2020 2021 2022 2023 2024
Pension liabilities OPEB liabilities
Near- term view: Fund balance growth has reversed following years of improvement $ millions
Financial results (3)
0 100
200
300
400
500
600
700
2019 2020 2021 2022 2023 2024
Nonspendable/Restricted Committed Assigned Unassigned
Near -term view: Reserves see major decline for second year in a row $ millions
Financial results (4)
(25.0)
(5.0)
15.0 35.0
55.0 75.0
95.0 115.0
135.0
2020 2021 2022 2023 2024-net
Vital Services Stabilization Reserve General Purpose Fund Emergency Reserve General Purpose Fund Unassigned Fund Balance
LEARN MORE
Financial statements for Fiscal Year 2024 and the previous 20 years are available on the City’s website at:
https://www.oaklandca.gov/documents/
financial-reporting