HomeMy WebLinkAboutPOWERPOINT- CAFR PRESENTATIONCity of TustinCity of Tustin
Comprehensive Annual Financial Report for Comprehensive Annual Financial Report for
the year ended June 30the year ended June 30, 2010, 2010
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Comprehensive Annual Financial Report (CAFR) is
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produced as a result of the annual audit.
Independent certified public accounting
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firm that completed the audit was Macias
Gini & O’Connell LLP.
City of TustinCity of Tustin
Comprehensive Annual Financial Report for the year ended June 30Comprehensive Annual Financial Report for the year ended June 30, 2010 , 2010
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CAFR consists of:
Transmittal letter
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Organizational chart
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Copy of the Certificate of Achievement for Excellence in
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Financial Reporting for the June 30,2009 CAFR presented by
the Government Finance Officers Association of the United
States and Canada.
Independent Auditor’s Report
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Management Discussion and Analysis (MD & A)
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Basic financial statements, notes to financial statements,
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supplementary information, and statistical section.
City of TustinCity of Tustin
Comprehensive Annual Financial Report for the year ended June 30Comprehensive Annual Financial Report for the year ended June 30, 2010 , 2010
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General Fund financial highlights for the year ended June 30, 2010:
Total expenditures were $48 million, $2 million less than prior year and $3.4
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million less than originally budgeted.
Total revenues were $45.4 million, $3.4 million less than prior fiscal year due
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to decrease in sales tax revenue of $4.1 million. Revenues exceeded what
was projected by $1.3 million.
Transfers in were $28.5 million. This amount included the $23.5 million
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transfer from RDA for the low/moderate housing agreement between the
RDA and the City;
Transfers in and revenues exceeded expenditures by $25.8 million. The fund
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balance increased during fiscal year 2010 from $124.1 million to $150
million.
Unreserved fund balance is $5.8 million. It increased $2.3 million from prior
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fiscal year.
The remainder of the fund balance is reserved for Land Held for Resale of
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$144 million.
City of TustinCity of Tustin
Comprehensive Annual Financial Report for the year ended June 30Comprehensive Annual Financial Report for the year ended June 30, 2010 , 2010
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Other financial highlights for the year ended June 30, 2010:
The City’s assets for all governmental and business type activities
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exceeded liabilities by $637.5 million (net assets).
The net assets consist of $384.8 million invested in capital assets, net
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of related debt, , $135.6 million in restricted net assets; and $117.1
million in unrestricted net assets.
Net assets increased $1.7 million from the prior fiscal year;
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Net long-term liabilities decreased $4.9 million.
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Net long-term liabilities decreased due to principal payoffs, a land
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acquisition settlement of $23.5 million, and the issuance of 2010
Housing Tax Allocation bonds of $26.1 million.
City of TustinCity of Tustin
Comprehensive Annual Financial Report for the year ended June 30Comprehensive Annual Financial Report for the year ended June 30, 2010 , 2010
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A more through discussion of the financial activities for the year
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ended June 30, 2010 is presented in the MD &A.
The CAFR is posted on the City’s website under the Finance
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Department and a copy will be available at the Tustin library.
City of TustinCity of Tustin
Comprehensive Annual Financial Report for the year ended June 30Comprehensive Annual Financial Report for the year ended June 30, 2010 , 2010
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Staff recommends Council:
Receive and file the CAFR for the year ended June 30, 2010.
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Designate two council members to serve as a Council Audit
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Committee to discus the audit and internal control issues
with the auditors to meet auditing standard requirements.