2025-city-of-oakland-acfr_final-123025.pdf

December 30, 2025 Residents of the City of Oakland The Honorable Mayor and Members of the City Council The Annual Comprehensive Financial Report of the City of Oakland We are pleased to present the Annual Comprehensive Financial Report (ACFR) of the City of Oakland, California (City). The Finance Department has prepared this report to present the financial position and the changes in net position for the year ended June 30, 2025, and the cash flows of its proprietary fund types for the same period. The basic financial statements and supporting schedules have been prepared in compliance with Section 809 of the City Charter and in accordance with Generally Accepted Accounting Principles (GAAP) for local governments, as established by the Governmental Accounting Standards Board (GASB). The information presented here should be considered in conjunction with the additional information contained in the Management’s Discussion and Analysis (MD&A) in the Financial Section of this report. The report consists of management’s representations concerning the finances of the City. To provide a reasonable basis for making these representations, management has established a comprehensive internal control framework that is designed to protect the City’s assets from loss, theft, or misuse; to compile sufficient reliable information for the preparation of the City’s financial statements in conformity with GAAP; and to comply with applicable laws and regulations. As the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. We believe this ACFR to be complete and reliable in all material respects. The City contracted with Macias Gini & O’Connell LLP, a firm of Certified Public Accountants licensed to practice in the State of California, to perform the annual independent audit. The auditors expressed an opinion that the City’s financial statements for the year ended June 30, 2025 are fairly stated and in accordance with accounting principles generally accepted in the United States. This is the most favorable conclusion and is commonly known as an “unmodified” opinion. The independent auditor’s report is included in the Financial Section of this report. In addition, Macias Gini & O’Connell LLP is auditing the City’s major program expenditures of federal funds for compliance with the Federal Single Audit Act Amendments of 1996, the Office of Management and Budget (OMB) Uniform Guidance regulating uniform administrative requirements, cost principles, and audit requirements for Single Audits, and the standards applicable to financial audits contained in the Government Auditing Standards issued by the Comptroller General of the United States. The report of the Single Audit is published separately from this ACFR and may be obtained upon request from the City’s Finance Department. i