Annual Comprehensive
Financial Report
(ACFR)
Fiscal Year Ended June 30, 2025
Audit Committee Meeting
November 24, 2025
AGENDA
• Overview
• Audit Results Presentation by Maze & Associates
• Recommendation
2 OVERVIEW
• Government Finance Officers Association (GFOA) Certificate of Achievement in Excellence in Financial Reporting
– Fiscal Year ended June 30, 2024 Comprehensive Annual Financial Report – 33 consecutive years
• Maze & Associates have completed the annual audit of the City’s ACFR and Silicon Valley Power Financial Statements
• The ACFR covers the 2024-25 fiscal year (July 1, 2024 to June 30, 2025) with comparative data from the 2023-24 fiscal year included in the MD&A
• Unmodified (i.e., “clean”) opinion expressed by auditors • Reports will be available on the City’s Finance Department’s webpage 3
AUDIT RESULTS PRESENTATION
BY MAZE
4 RECOMMENDATION
• Accept the City of Santa Clara Audited Annual
Comprehensive Financial Report and Silicon Valley Power Financial Statements for Fiscal Year 2024/25 and
recommend that the reports are forwarded for note and
file at the December 9, 2025 Council and Authorities
Concurrent meeting.
5