HomeMy WebLinkAbout2001/2002 Comprehensive Annual Financial Report - CAFR - Pre U
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s :ity Fiscal Year 200112002
Comprehensive Annual
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Financial Report (CAFR)
Clay Martin, Director of Administrative Services
Dan Villella, Finance Officer
April 7, 2003 - City Council Study Session
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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
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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 .