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Finance Highlights 2008 0115
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Finance Highlights 2008 0115
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2/1/2008 1:54:32 PM
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2/1/2008 1:54:32 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
1/15/2008
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_CC Agenda 2008 0204
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\City Clerk\City Council\Agenda Packets\2008\Packet 2008 0204
Finance Agenda 2008 0115
(Reference)
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\City Clerk\City Council\Committees\Finance Committee
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CITY OF SAN LEANDRO <br />MEMORANDUM <br />DATE: January 9, 2008 <br />TO: Finance Committee <br />FROM: Perry Carter, Interim Finance Director /~^ <br />BY: Carla Rodriguez, Deputy Finance Director ~~:~--~ <br />SUBJECT: Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2007 <br />Attached for the Committee's review is the City's Comprehensive Annual Financial Report for the <br />Fiscal Year Ended June 30, 2007, (CAFR). Staff recommends that the Committee review the report <br />and upon completion of its review refer the report to the City Council. <br />Background <br />The Finance Department annually prepares the City's Comprehensive Annual Financial Report <br />which reports the financial activity of all City funds for the fiscal year. The report is prepared <br />in accordance with Generally Accepted Accounting Principles (GAAP) and is audited by an <br />independent auditing firm, as required by City Charter. Both the CAFR and the annual audit <br />have been completed for fiscal year 2006-07 and staff is pleased to submit them to the <br />Committee. <br />As noted above, the City's independent auditors have completed their audit of the City's <br />financial statements and have issued their opinion on those statements (the CAFR). Staff is <br />happy to report that the auditor's opinion on the financial statements contains no reservations or <br />qualifications. That is, the City has received, as in past years, a "clean opinion" from the <br />auditors, which is the highest level of assurance. <br />With respect to the CAFR, staff would like to note for the Committee that there are three major <br />sections; Introductory, Financial and Statistical. In the Introductory section, staff is proud to <br />point to the Certificate of Achievement for Excellence in Financial Reporting awarded to the <br />City for fiscal year 2005-06 by the Government Finance Officers Association. The Introductory <br />section also contains a transmittal letter, which provides important information about the City in <br />general and the financial statements. <br />The Financial ,section reports on the financial activity of the City's funds and also reports on the <br />combined Governmental and "Business-Type" activities of the City such as the Water Pollution <br />Control Plant. This section also compares budget to actual results for various funds. Another key <br />component of this section is the Management Discussion and Analysis element, which provides a <br />narrative overview of the financial activities of the City. <br />Finally, the Statistical section contains a wide array of data with respect to the City. In <br />particular, information about financial trends, revenue capacity and demographic information can <br />be found in this section. <br />G:\FINCOMM\2007-08 Minutes & Items staff reports\07CAFR.doc <br />
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