CITY COUNCIL STAFF REPORT
MEETING DATE: DECEMBER 14, 2016
PREPARED BY: Dat Nguyen, Finance Director/Administrative Services
APPROVED BY: City Manager
TITLE
COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2016
END
RECOMMENDATION(S)
RECOMMENDATION
Accept the City's Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2016.
BODY
COUNCIL PRIORITIES, GOALS & STRATEGIES:
Ongoing Priorities
Maintaining fiscal responsibility
Preserving and cultivating public trust
REPORT NARRATIVE:
The Fiscal Year 2015-16 Comprehensive Annual Financial Report (CAFR) is presented for your review. Each year the City engages an independent firm to audit the books and accounts of the City's general ledger. Included in this audit are the review and verification of all finance processes. An annual audit is required by state law and by bond covenants.
The CAFR presents the operations and financial activity of all City's various funds, including the General Fund. It includes an unmodified audit opinion from Maze & Associates, the City's external auditors, stating that the financial statements present fairly the results of operations for the year ended June 30, 2016, in conformance with Generally Accepted Accounting Principles (GAAP). An auditor gives an Unmodified Opinion (or clean opinion) when he or she does not have any significant reservation in respect of matters contained in the Financial Statements.
A summary of significant highlights follows:
* The General Fund's fund balance increased by approximately $1.8 million. This is a combination of better than expected tax revenues and cost savings in Fire, Community Services, and Administration.
* The Community Development Fund's fund balance decreased by approximately $1.0 as development activity returned to a normal level, coupled with large ticket items undertaken such as the General Plan Update and the purchase and implementation of the new permitting system, TRA...
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