REPORT TO THE CITY COUNCIL
January 17, 2019
FROM: MICHAEL LIMA, Finance Director/Controller
Finance Department
SUBJECT
Title
Submission and Acceptance of the City of Fresno Comprehensive Annual Financial Report and the Comprehensive Annual Debt Report for Fiscal Year 2018.
Body
RECOMMENDATION
Staff recommends that the City Council accept the Comprehensive Annual Financial Report (CAFR) and the Comprehensive Annual Debt (CADR) for the fiscal year ended June 30, 2018 (FY 2018).
EXECUTIVE SUMMARY
The CAFR of the City of Fresno (City) for the fiscal year ended June 30, 2018, is hereby formally submitted for the Council's acceptance. This report is the official publication of the City's financial position as of June 30, 2018; presenting the operational results 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 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 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, 2018.
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...
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