REPORT TO COUNCIL
SUBJECT
Title
Action on the City of Santa Clara Audited Annual Comprehensive Financial Report and Audited Silicon Valley Power Financial Statements for Fiscal Year Ended June 30, 2025, as Recommended by the Audit Committee
Report
BACKGROUND
On November 24, 2025, the Audit Committee took action to accept the City of Santa Clara Audited Annual Comprehensive Financial Report (ACFR) and Silicon Valley Power (SVP) Financial Statements for Fiscal Year Ended June 30, 2025 and referred the reports to the City Council to be noted and filed at the December 9, 2025 Council meeting.
The annual financial audit is a requirement of Section 1319 of the City Charter. The ACFR presents the audited financial information of the City in accordance with Generally Accepted Accounting Principles (GAAP) applicable to government entities, and it also provides the City Council valuable information for financial oversight and informs Santa Clara residents and businesses as well as creditors.
The separate audited annual financial report for SVP is presented to make available additional information and disclosure relevant to the electric industry. The unmodified opinions from the auditor enhance the SVP's reputation, and its adherence to GAAP applicable to governmental entities.
DISCUSSION
The annual financial audit of the City was recently completed and the City's external auditor, Maze & Associates ("Maze"), issued an unmodified ("clean") opinion on the City's ACFR for fiscal year ended June 30, 2025. The ACFR includes an extensive discussion and presentation of the City's financial data and its related agencies in accordance with GAAP. The ACFR also includes selected multi-year statistical information about the City. In addition, the City issued a separate, audited comparative financial statement report for SVP for fiscal year ended June 30, 2025.
City Finance staff prepares the financial statements, and Maze audits the financial information contained within the...
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