Page 4 - Walnut Fall 2025

Finance
It’s Audit Season!
The audit process for the City of Walnut’s Annual
Comprehensive Financial Report (ACFR) begins shortly
after the close of the fiscal year on June 30 and is a
major focus during summer and fall. In the months
that follow, City staff works to analyze, reconcile, and
compile detailed financial data. This involves ensuring
the accuracy of revenues, expenditures, fund balances,
and other key financial metrics, in accordance with
governmental accounting standards. Between September
and November, independent auditors from a third-party
accounting firm arrive on-site to begin their review. They
examine the City’s financial records, internal controls,
and accounting procedures, using sample-based testing
methods to verify the accuracy and completeness of
the data. The audit culminates in the issuance of an
independent auditor’s report, which includes an opinion
on whether the ACFR fairly presents the City’s financial
position and results of operations. A “clean” or unmodified
opinion affirms that the report is a reliable and transparent
source of financial information for policymakers, residents,
and other stakeholders. Through this process, the City of
Walnut demonstrates its commitment to responsible fiscal
management, integrity, and public trust.
For more information or questions, please call the
Finance Department at (909) 595-7543.
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cityofwalnut.org Fall 2025
ANNUAL BUDGET
FISCAL YEAR 2025-26
CITY OF WALNUT, CALIFORNIA