REPORT TO THE CITY COUNCIL
DATE: March 17, 2016
FROM: MICHAEL LIMA, Finance Director/Controller
Finance Department
SUBJECT
Title
Submission and Acceptance of City of Fresno Comprehensive Annual Financial Report (CAFR) and the Comprehensive Annual Debt Report (CADR) for Fiscal Year 2015
Body
RECOMMENDATION
Staff recommends that the City Council accept the CAFR and the CADR for the fiscal year ended June 30, 2015 (FY 2015).
EXECUTIVE SUMMARY
The City of Fresno's (City) CAFR for the fiscal year ended June 30, 2015 is hereby formally submitted for the Council's acceptance. This report is the official publication of the City's financial position, presenting the financial results of all City activities and funds as of June 30, 2015. 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 an unqualified or unmodified opinion. This means that there are no reservations concerning the financial statements and that the auditors believe them to be fairly presented. City management is responsible for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures. The Auditor's Opinion does not contain a Going-Concern paragraph, just as it did not in FY 2014's CAFR. The City's financial position has improved to the point where there is no longer substantial doubt about its ability to continue as a going concern for at least twelve months beyond the financials' date.
The CADR is also being submitted for the Council's acceptance. Production of the CADR is required under the Debt Management Policies adopted by Council. The CADR provides the readers with an overview of the City's debt program as of June 30, 2015.
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, i...
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