PREPARED BY: NORM VELOSO DATE OF MEETING: 12/18/2023
SUBJECT:
TITLE
RECEIVE AND FILE THE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2023
CEQA: This proposed action is not a project as defined by CEQA.
Label
CITY MANAGER RECOMMENDATION
Recommendation
Receive and File
BODY
COMPLIANCE STATEMENTS
Continue Fiscal Resilience, Fiscal Excellence and Fiscal Transparency is an adopted City Council Priority contained in the adopted Fiscal Year 2023-2025 City Council Priority Workplan, effective May 1, 2023.
BACKGROUND
State law requires all general-purpose local governments to publish a complete set of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) within six months of the close of each fiscal year. In compliance with this requirement, the City underwent an independent audit of its financial statements by the City's external auditor, Maze & Associates, for the fiscal year ended June 30, 2023.
The audit and the statements were conducted in conformity with GAAP as well as standards set forth by the Governmental Accounting Standards Board (GASB). The City's Annual Comprehensive Financial Report (ACFR) for fiscal year 2023 is included as an attachment and is also available for City Council and public review on the City's website.
A paper copy will also be available at the San Pablo Branch Library and the City Manager's Office by month end.
Certificate of Achievement for Excellence in Financial Reporting
The Government Finance Officers Association of the United States and Canada (GFOA) has awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of San Pablo for its ACFR for the past twenty-six years. To be awarded a Certificate of Achievement, a government entity must publish an easily readable and efficiently organized Annual Comprehensive Financial Report. This report must satisfy both generally accepted accounting principles and applicable legal requir...
Click here for full text