REPORT TO THE CITY COUNCIL
January 29, 2015
FROM: CITY OF FRESNO RETIREMENT BOARDS
BY: Stanley McDivitt, Retirement Administrator
Retirement Office
SUBJECT
Title
Submission for informational purposes, the Comprehensive Annual Financial Reports (CAFR) regarding the financial activities of the City of Fresno Retirement Systems for the Fiscal Year ending June 30, 2014
Body
RECOMMENDATION
The Retirement Boards have reviewed and approved the attached Comprehensive Annual Financial Reports for the fiscal year ended June 30, 2014 and recommend that the City Council receive and accept the reports submitted for informational purposes.
EXECUTIVE SUMMARY
Submitted for informational purposes, the Retirement Boards are proud to submit their June 30, 2014, Comprehensive Annual Financial Reports (CAFR) to the City Council to keep the City Council informed and to provide knowledge of the Retirement Systems activities from the past fiscal year.
BACKGROUND
At the January 14, 2015 Retirement Board meeting, the Boards approved the attached Comprehensive Annual Financial Reports (CAFR) for the fiscal year ended June 30, 2014 and directed the Retirement Administrator to submit each CAFR to the City Council, Mayor and City Manager and to keep the City informed on the activities of the Retirement Systems.
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Fresno Retirement Systems for each of their Comprehensive Annual Financial Reports for the fiscal year ended June 30, 2013. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. These reports must satisfy both generally accepted accounting principles and applicable legal requirements.
The two City of Fresno Retirement Boards, which oversee the a...
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