REPORT TO THE CITY COUNCIL
FROM: SANTINO DANISI, MBA, Finance Director/City Controller
Finance Department
SUBJECT
Title
Submission and Acceptance of the City of Fresno Annual Comprehensive Financial Report (ACFR) and Annual Comprehensive Dept Report (ACDR) for Fiscal Year 2022
Body
RECOMMENDATION
Staff recommends that the City Council accept the ACFR and ACDR reports for the fiscal year ended June 30, 2022.
EXECUTIVE SUMMARY
The Annual Comprehensive Financial Report is a set of financial statements prepared in conformity with Governmental Accounting Standards Board (GASB) and detail the financial activities of the City of Fresno for the year ended June 30, 2022. The statements are audited to determine whether they have been presented fairly without any material misstatements. Management is responsible for the preparation and presentation of the statements in accordance with accounting principles generally accepted in the United States of America. The auditor's opinion concludes that the financial statements are, in fact, presented fairly in all material respects resulting in an unmodified opinion, which is the highest quality opinion available.
The Annual Comprehensive Debt Report is included for City Council acceptance. This report is produced in accordance with Debt Management policies and provides an overview of the City of Fresno's debt management for fiscal year ended June 30, 2022.
BACKGROUND
All governmental or public entities are required to prepare annual financial statements and have them audited. These financial statements are compiled to form the ACFR. The ACFR is an informative tool highlighting an agency's financial activity and viability. This report is used by various policy makers, investors, citizens or external agencies to make informed conclusions regarding the financial health of an organization.
As required by the City Charter the statements are audited. Additionally, the ACFR report and necessary disclosures are p...
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