PREPARED BY: J. KELLY SESSIONS DATE OF MEETING: 02/04/19
SUBJECT:
TITLE
RECEIVE AND FILE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) FOR FISCAL YEAR ENDING JUNE 30, 2018
Label
RECOMMENDATION
Recommendation
For Informational Purposes Only
BODY
COUNCIL PRIORITY WORKPLAN COMPLIANCE STATEMENT:
General Fund Reserves Protection, Budget Spending Controls, and Increase Financial Transparency are adopted policy items under the FY 2018-21 Council Priority Workplan, effective November 1, 2017.
CEQA Compliance Statement
This is not a project as defined by CEQA.
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 ending June 30, 2018.
The audit and the statements were conducted in conformity with GAAP as well as standards set forth by the Governmental Accounting Standards Board (GASB). A copy of the City's Comprehensive Annual Financial Report (CAFR) for fiscal year 2018 is attached and is also available for public review on the City's website: www.sanpabloca.gov. A review copy is also available at the San Pablo Branch Library and the City Manager's Office at City Hall.
Review of the Comprehensive Annual Financial Report
The CAFR is comprised of three parts. Part 1 is the Introductory Section to the report and contains the Transmittal Letter. This letter introduces the reader to programs and activities of each department of the City as well as major initiatives of the City Council, including capital construction projects during the fiscal year.
The Financial Section comprises Part 2 of the report, and includes the Auditor's Opinion (see below) and the Management's Discussion and Analysis (...
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