REPORT TO THE CITY COUNCIL
DATE: March 26, 2015
FROM: MICHAEL LIMA, Finance Director/Controller
Finance Department
SUBJECT
Title
Submission and Acceptance of City of Fresno Comprehensive Annual Financial Report ("CAFR") for Fiscal Year 2014
Body
RECOMMENDATION
Staff recommends that the City Council receive and accept the CAFR for the fiscal year ended June 30, 2014.
EXECUTIVE SUMMARY
The CAFR of the City of Fresno ("City"), for the fiscal year ended June 30, 2014, is hereby formally submitted. This report is the official publication of the City's financial position at June 30, 2014, showing the results of operations for the fiscal year for all City activities and funds. The CAFR is prepared in conformity with accounting principles generally accepted in the United States of America.
The Auditor's Opinion on the CAFR is, as has been the case in previous fiscal years, unmodified. However, unlike the opinions in Fiscal Years 2012 and 2013, the Auditor's Opinion in the Fiscal Year 2014 CAFR does not contain a Going-Concern paragraph. The City's financial position has improved to the point that there is no longer substantial doubt about its ability to continue as a going concern for at least 12 months beyond the financial date.
BACKGROUND
All governmental or public entities are required under law to have the financial statements for the entity's fiscal year end be audited. Once those statements are audited, many agencies, including the City, release those statements in the form of a CAFR. Information from this document is used not only by City policy makers, but also by citizens, investors, and external agencies to assess and determine the organization's financial viability. As required by the City Charter, the amounts reflected in the 2014 CAFR have been audited by an independent certified public accounting firm. The unqualified opinion of Macias Gini & O'Connell, LLP is included in the CAFR report.
In the CAF...
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