HomeMy WebLinkAbout1990-01-23 - AGENDA REPORTS - CAFR FINANCIAL RPT (2)AGENDA REPORT
City Manager Approval
Item to be presented by:
NEW BUSINESS Andrea Daroca
DATE: January 23, 1990
SUBJECT: 1988-89 Comprehensive Annual Financial Report
DEPARTMENT: Finance
BACKGROUND
Attached for your review is the 1988-89 Comprehensive Annual Financial Report
for the City of Santa Clarita which includes financial data for the period
7/1/88 - 6/30/89. This report covers the City's first full fiscal year activity.
The report consists of three major sections which are the introductory section,
the financial section, and the statistical section.
Each section has a message for the reader, and combined, they present the
overall financial position of the City at a point in time which is June 30,
1989. By reading the transmittal letter, footnotes to the financial statements,
and the statistical section, many important financial facts and data can be
gleaned.
The introductory section includes a letter of transmittal explaining the major
highlights, the organization of the report, the future of the City, the
accounting methods used, investment and debt management, and, finally,
acknowledgments.
The financial section includes the auditor's clean opinion of the City's
accounting operations, the financial statements, the notes to the financial
statements, and supplemental reports.
The statistical section of the report lists very pertinent data, such as the
total expenditures, total revenues, total assessed valuation of property within
the incorporated area, total bonded indebtedness, property tax collections,
demographic statistics, and the major sales tax producers and employers.
The report reflects an excellent financial condition, and the future for the
City presently looks bright, but one aspect which must not be overlooked is the
many capital improvement needs (i.e., infrastructure) which the City inherited
at Licorporation. If the City continues along a conservative fiscal course of
action, fosters creative revenue sources and financing, and, in conjunction,
stimulates business and progressive ideals, the City faces unlimited potential
for the future.
The City's independent auditing firm of Peat Marwick Main & Co. will be present
to express their opinion on the report.
RECOMMENDATION
Receive and file.
Apr
® ED
Agenda Stem: F8
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