PREPARED BY: J. KELLY SESSIONS DATE OF MEETING: 01/21/20
SUBJECT:
TITLE
RECEIVE AND FILE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDING JUNE 30, 2019
Label
CITY MANAGER RECOMMENDATION
Recommendation
Receive and file
BODY
COMPLIANCE STATEMENTS
Enhance Community Resilience (City Council) is a Top City Council Priority item under the adopted FY 2019-21 City Council Priority Workplan, effective March 1, 2019.
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, 2019.
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 Comprehensive Annual Financial Report (CAFR) for fiscal year 2019 is available for City Council and public review on the City's website: San Pablo 2019 CAFR. A paper copy is also available at the San Pablo Branch Library and the City Manager's Office.
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 (MD&A). The MD&A offers highlights and a narrative from a staff perspective of the City's...
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