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HomeMy WebLinkAbout2001/2002 Comprehensive Annual Financial Report - CAFR - Pre U 1i .. j s :ity Fiscal Year 200112002 Comprehensive Annual HwiU . '. each„ Financial Report (CAFR) Clay Martin, Director of Administrative Services Dan Villella, Finance Officer April 7, 2003 - City Council Study Session Me Overview • What is the CAFR What is GASB 34 Key Discussion Points Regarding the CAFR Key Points Not Discussed in the CAFR Conclusion • 5 iry What is the CAFR • w-4: Each year California State Law and City Charter require that the city's financial statements be audited . �� The audit checks to ensure that the city is following generally accepted accounting � principals (GAAP) as determined by the Governmental Accounting Standards Board (GASB) . The audit is preformed by an independent auditor, this year Caporicci and Larson, C PAs 3 S iry - What is GASB 34 • The Governmental Accounting Standards Board's statement 34 required two major changes to the CAFR: The creation of a government wide financial statement, which included the collapse of internal • service funds. The reporting of all capital assets (land, buildings, machinery, equipment, and infrastructure). 4 ity Key Discussion Points regarding the CAFR • The city received an "unqua/ified"or clean opinion which is the highest possible mark. fr The city's total assets exceeded liabilities by $607. 63 million of which $ 12 .67 million is unreserved undesignated by the auditors. • After meeting city fiscal policies $3 . 78 million is unreserved undesignated fund balance. •� The city's total debt increased by $9155 million largely the result of issuance of new leases and additional RDA operative agreements. This increased debt is partially offset by revenue. 5 Key Points Not Discussed in the CAFR s ,ow The auditor's made observations regarding : Deposits Payable , Claims Liability ® Grants r 6 so ity Huntin each Conclusion The financial statements are unqualified or clean . The city has implemented GASB 34. Staff is addressing all issues raised by the � auditor. 41r, The city ended fiscal year 2001/2002 with an undesignated unreserved fund balance of $3 . 78 million .