Title:
Title
Fiscal Year 2017/18 Comprehensive Annual Financial Report (CAFR)
End
FileID
File ID: 2018-01756
Location
Location: Citywide
Recommendation:
Recommendation
Adopt a Resolution: 1) accepting the Fiscal Year 2017/18 Comprehensive Annual Financial Report (CAFR); and 2) accepting the auditor's letter to the City Council.
Contact: Osvaldo Lopez, Accounting Manager, (916) 808-4740; Dawn Holm, Director, (916) 808-5574, Department of Finance
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Resolution
3-FY2017/18 CAFR
4-FY2017/18 Auditor's Letter on CAFR
Description/Analysis
Issue Detail: The City's Fiscal Year (FY) 2017/18 Comprehensive Annual Financial Report (CAFR) presents the City's financial condition and the results of activities for the fiscal year that ended June 30, 2018. An independent public accounting firm, Vavrinek, Trine, Day & Co., LLP, has audited the CAFR financial statements, as required by Chapter 117 of the City Charter.
Overview of Report
* The City prepared the CAFR to present financial information in a standard format prescribed by the Government Finance Officers Association.
* The CAFR is organized as follows:
o An Introductory Section with a transmittal letter summarizing economic conditions, budget initiatives and other information.
o A Financial Section which begins with Management's Discussion and Analysis (MD&A), a narrative overview, analysis of the financial statements, and comments on the City's financial outlook. The basic financial statements follow the MD&A and report the financial position and the results of the operations of the City as a whole, and the financial performance of the City's major funds. Footnotes to the financial statements are included to provide additional information. Finally, combining fund financial statements are presented to provide additional financial details of the City's activities.
o A Statistical Section with selected financial, demographic and operating trend ...
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