South San Francisco City Council
January 22, 2025

FY 2023-24 Annual
Comprehensive
Financial Report
Presentation to City Council
Karen Chang, Director of Finance
January 22, 2025
FY 2023-24 ACFR Overview
2 A set of financial statements that are prepared following the guidelines recommended by the Government Accounting Standard Board (GASB) Includes final actual financial results of FY 2023-24
Required to be audited by an independent auditor
Accompanied by a Required communications and Memorandum on Internal Control identifying any major issues
Financial Highlights
FY 2023-24
Governmental Net
Position was
$493.6 M
An increase of
$59.3M due to
• A net revenue increase of
$21.8M
FY 2023-24
Business type Net
Position was
$147.0M
A decrease of $0.9M
due to
• Excess of revenue over
expenditure $0.4M
• Offset by a net transfer
out to other funds $1.3M
General Fund Highlights
Revenues* (excluding
transfers)
$148.3M
Expenditures (excluding
transfers) -$139.5M
General Fund Operating
Surplus $8.7M
• Net Transfers = $5.M
• General Fund Surplus
$13.8M
• Encumbrance rollover -
$7.8 M
Recap of GF FY 2023-24 Surplus
5 Expenditure Attrition savings ($3M)
Actual excluded deferred expenditures ($11.7M)
Revenue
Higher than expected revenues ($12.2 M)
• actual included leverage of the 1x ARPA Fund ($5M)
City Reserves (As of June 30, 2024) (millions)
6 General Fund Reserves (20%) $29.7
Pension Stabilization Reserves 5.8
Infrastructure Reserves 6.7
Total Reserves $42.2
Available Unassigned GF Fund Balance 34.8
Combined Reserves & Surplus Fund Balance $77.0
FY 2022-23
Unassigned
• $21 M
FY 2023-24
Unassigned
• $34.8 M
Increase
• $13.8 M
Other Funds
• Sewer, Parking & Storm Water
• Total FY 2023-24 F/B $ 147M
• Decrease $0.9 M from prior year
All Enterprise
Funds
• City Services, Self Insurance, Heath & Retirement
Benefits & Equipment Replacement
• Total FY 2023-24 F/B $29M
• Increase $2.6M from prior year
All Internal
Services Funds
QUESTIONS or
COMMENTS?