Title:
Title
Fiscal Year 2018/19 Comprehensive Annual Financial Report (CAFR)
End
FileID
File ID: 2020-00076
Location
Location: Citywide
Recommendation:
Recommendation
Adopt a Resolution 1) accepting the Fiscal Year 2018/19 Comprehensive Annual Financial Report; and 2) and accepting the auditor's letter to the City Council.
Contact: Osvaldo Lopez, Finance Manager, (916) 808-4740; Dawn Holm, Director, (916) 808-5574, Department of Finance
Body
Presenter: Osvaldo Lopez, Finance Manager, (916) 808-4740, Department of Finance
Attachments:
1-Description/Analysis
2-Resolution
3-FY2018/19 CAFR
4-FY2018/19 Auditor's Letter on CAFR
Description/Analysis
Issue Detail: The City's FY2018/19 Comprehensive Annual Financial Report (CAFR) presents the City's financial condition and the results of activities for the fiscal year that ended June 30, 2019. An independent public accounting firm, Macias, Gini & O'Connell LLP, has audited the CAFR financial statements as required by the City Charter.
Overview of Report
* The City has 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 that begins with Management's Discussion and Analysis (MD&A) presenting 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 financ...
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