TO:Andrew P. Powers, City Manager
FROM:Jaime Boscarino, Finance Director
DATE:January 13, 2026
SUBJECT: Financial Reports for Fiscal Year Ended June 30, 2025 RECOMMENDATION:
1. Receive and file financial reports.
2. Find that this action is not a project as defined under section 15378(b)(5) of the California Environmental Quality Act Guidelines.
LEVINE ACT ITEM: No
FINANCIAL IMPACT:
No Additional Funding Requested. The financial impact consists of significant staff time to compile, prepare, and review financial reports, and approximately $72,300 in professional services for the City’s independent external auditors, which are included in the Adopted FY 2025-26 General Fund Budget.
BACKGROUND:
Comprehensive financial reporting is a recommended practice and, in some cases, required by federal and/or state law. The Finance Department, with the assistance of other departments, annually prepares several financial reports covering the past fiscal year, which begins on July 1 and ends on June 30. For Fiscal Year ended June 30, 2025, the financial reports prepared include:
1. City of Thousand Oaks Annual Comprehensive Financial Report (ACFR) and Transmittal Letter (Attachment #1).
2. Conejo Open Space Conservation Agency (COSCA) Annual Financial Report and Transmittal Letter (Attachment #2).
Financial Reports for Fiscal Year Ended June 30, 2025
January 13, 2026
The City’s external auditors, Rogers, Anderson, Malody and Scott, LLP (RAMS), performed an interim audit in May 2025 and a final audit in October 2025 of the City’s ACFR and COSCA’s Annual Financial Report. City Council also received the Management Letter and Audit Committee Letter which are prepared by the City’s external auditors (Attachment #3) as well as the City’s Appropriations Limit Worksheet (Gann Limit Calculation) (Attachment #4).
DISCUSSION/ANALYSIS:
Financial Reports
Finance Department Accounting staff are responsible for accurately and timely accounting for all financial transactions involved in operating the City in accordance with Governmental Accounting Standards Board (GASB) requirements. This includes, but is not limited to, payroll, accounts payable, accounts receivable, capital assets, investments, and debt. For a city of approximately 122,000 residents and a FY 2024-25 Adopted Budget in the amount of $271.4 million, this equates to thousands of transactions annually. In order to make sound financial decisions, accurate and timely reporting of these transactions is necessary. The City’s external auditor offers assurance to the reader that the ACFR is fairly presented and complies with GASB requirements.
On December 23, 2025, the Finance Department delivered the financial reports for the Fiscal Year ended June 30, 2025, to City Council. The ACFR Report is available on the City’s website at www.toaks.gov/financialinfo.
Finance/Audit Committee
The American Institute of Certified Public Accountant’s Statement on Auditing Standards 114 requires the auditor to communicate certain significant matters related to the audit to those charged with governance. The Finance/Audit Committee (Committee) met with RAMS on January 13, 2026. RAMS presented the Management and Audit Committee Letters, provided a summary of the results of the audit, and answered questions from the Committee.
Implementation of GASB Statements
Annually, GASB provides accounting guidance for governmental agencies with which the City is required to comply. For FY 2024-25, the City implemented GASB Statement No. 101, Compensated Absences. This Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. This objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures.
Financial Reports for Fiscal Year Ended June 30, 2025
January 13, 2026
Summary of FY 2024-25 Financial Results
GASB requires governmental agencies to utilize fund basis accounting.
Governmental funds are accounted for utilizing a modified accrual basis of accounting and enterprise funds are accounted for utilizing a full accrual basis of accounting. Greater explanation of the measurement focus, basis of accounting, and financial statement presentation is included in the ACFR on pages 68-71.
General Fund – The General Fund is the City’s major discretionary fund in which revenues are not restricted to a specific purpose or function. In FY 2024-25, total revenues, including other financing sources, were $126.5 million, while total expenditures, including other financing uses, were $107.3 million. This equates to an increase in General Fund, fund balance of $19.2 million.
The table below compares FY 2024-25 General Fund revenues and other financing sources with the prior fiscal year. For more detailed information, including variance explanations, please refer to pages 34-35 of the ACFR.
Comparison of General Fund Revenues and Other Financing Sources Fiscal Year
2024-25
Fiscal Year
2023-24
Variance
Over/(Under)
Last Year
1 Property tax 17,595,217$ 16,702,869$ 892,348$ 5.3% 13.9% 2 Property tax - in lieu of VLF 16,214,502 15,578,623 635,879 4.1% 12.8% 3 Sales tax 37,990,679 34,892,857 3,097,822 8.9% 30.0%
4 Transient occupancy tax 5,087,313 4,930,078 157,235 3.2% 4.0% 5 Franchise tax 7,663,631 7,531,986 131,645 1.7% 6.1%
6 Property transfer tax 1,213,647 1,066,904 146,743 13.8% 1.0% 7 Business tax 2,285,894 2,331,287 (45,393) (1.9%) 1.8% 8 Other tax 844,229 809,565 34,664 4.3% 0.7%
9 Licenses and permits 7,352,249 5,940,634 1,411,615 23.8% 5.8% 10 Fines and forfeitures 937,441 984,651 (47,210) (4.8%) 0.7% 11 Use of money & property 15,228,452 13,217,425 2,011,027 15.2% 12.1% 12 Charges for services 8,463,334 8,366,403 96,931 1.2% 6.7% 13 Intergovenmental revenue 2,960,339 7,268,825 (4,308,486) (59.3%) 2.3% 14 Other revenue 985,422 2,077,250 (1,091,828) (52.6%) 0.8% 15 Other financing sources 1,644,426 1,967,652 (323,226) (16.4%) 1.3% Total Revenues 126,466,775$ 123,667,009$ 2,799,766$ 2.3% 100.0% % of Total
% of Increase/
(Decrease)
Over Prior
Year
Financial Reports for Fiscal Year Ended June 30, 2025
January 13, 2026
The table below compares FY 2024-25 General Fund expenditures with the prior fiscal year. For more detailed information, including variance explanations, please refer to page 35 of the ACFR.
Comparison of General Fund Expenditures and Other Financing Uses Fiscal Year
2024-25
Fiscal Year
2023-24
Variance
Increase/
(Decrease)
from Prior FY
1 General government $ 30,126,420 $ 26,441,506 3,684,914$ 13.9% 28.1% 2 Public safety 35,596,469 33,539,450 2,057,019 6.1% 33.2% 3 Transportation 13,376,637 12,718,157 658,480 5.2% 12.5% 4 Community development 16,780,029 16,294,186 485,843 3.0% 15.6% 5 Culture and leisure 3,577,933 2,045,865 1,532,068 74.9% 3.3% 6 Capital outlay 6,394,016 7,264,307 (870,291) (12.0%) 6.0% 7 Other financing sources 1,440,661 1,540,348 (99,687) (6.5%) 1.3% Total Expenditures 107,292,165$ 99,843,819$ 7,448,346$ 7.5% 100.0% % of Total
% of Increase/
(Decrease)
from Prior FY
The City also accounts for other major funds, including the Library Fund, State Gas Tax Fund, Capital Improvements Fund, Thousand Oaks Housing Successor Fund, as well as non-major governmental funds. Highlights for these funds and explanation of variances can be found on page 36 of the ACFR.
Enterprise Funds – Revenues, expenses, transfers out, and changes in net position for each enterprise fund are summarized below.
Change in
Fund Revenues Expenses Transfers Out
Changes in Net
Position
1 Water 38,168,435 $ 33,207,627 $ - $ 4,960,808 $ 2 Wastewater 29,063,907 26,201,478 - 2,862,429
3 Golf course 8,983,905 8,706,110 43,212 234,583
4 Transportation 9,110,715 8,380,036 - 730,679
5 Solid Waste 3,573,851 2,196,055 275,000 1,102,796
6 Theatres 6,496,270 6,180,361 - 315,909
Highlights for Enterprise Funds can be found on pages 30-32, page 37, and pages 58-63 of the ACFR.
These annual reports focus on the financial condition of the City as of June 30, 2025; however, staff continues to closely monitor the economy and City revenues.
Appropriate and timely updates will be provided as necessary. The City is financially strong with continued proactive and prudent financial leadership.
Financial Reports for Fiscal Year Ended June 30, 2025
January 13, 2026
The City has been recognized by the Government Finance Officers Association for the past 37 years for Excellence in Financial Reporting for preparation of its ACFR. The achievement of this award is a testament to the hard work and dedication of the Accounting staff.
COUNCIL GOAL COMPLIANCE:
Meets the following City Council goal:
C. Operate City government in a fiscally and managerially responsible and prudent manner to ensure that the City of Thousand Oaks remains one of California's most desirable places to live, work, visit, recreate, and raise a family.
PREPARED BY: Elisa Quezada, Accounting Manager
Attachments:
Attachment #1 – ACFR Transmittal Letter
Attachment #2 – COSCA Transmittal Letter
Attachment #3 – City of Thousand Oaks Auditor’s Management Letter and Auditor’s Committee Letter
Attachment #4 – Appropriations Limit Transmittal Letter FIN:330-50\eqm\H:\COMMON\Council\2026\Accounting\011326 Financial Reports FY 2024-25 staff report.docx