HomeMy WebLinkAboutPOWERPOINT PRESENTATION - CARFCity of Tustin
Comprehensive Annual Financial Report (CAFR)
For theYear Ended June 30, 2013
City of Tustin, Comprehensive Annual Financial Report for the Year Ended June 30, 2013 Continued:
The City implemented Governmental
Accounting Standards Board's Statement
No. 63, "Financial Reporting of Deferred
Outflows of Resources, Deferred Inflows of
Resources, and Net Position"
The adoption of this standard provides a
new statement of net position format to
report all assets, deferred outflows of
resources, liabilities, deferred inflows of
resources, and net position.
City of Tustin, Comprehensive Annual Financial Report for the Year Ended June 30, 2013 Continued:
• City's assets encompassing all
governmental and business type activities
and deferred out flows of resources
exceeded its liabilities by $695 million.
• Net position consists of $456 million net
investment in capital assets; $54.4 million
in restricted net position and $184.6
million in unrestricted net position.
City of Tustin, Comprehensive Annual Financial Report for the Year Ended June 30, 2013 Continued:
General Fund:
• General fund revenues exceeded
expenditures by $1.7 million.
•Other Financing Sources including
transfers was $42.5 million primarily due
to sale of land at the Tustin Legacy and at
the 55 freeway and Edinger Avenue.
• Fund balance increased $44.3 million.
City of Tustin, Comprehensive Annual Financial Report for the Year Ended June 30, 2013 Continued:
• Water Enterprise Fund's revenues
exceeded expenditures by $3.4 million.
• Rates sufficient to cover costs and build
reserves.
• The City did not have any audit findings.
• There were two adjustments regarding
refunding of CFD bond and receivable
from the Successor Agency.
City of Tustin, Comprehensive Annual Financial Report for the Year Ended June 30, 2013 Continued:
Staff recommends City Council:
• Receive and file 6/30/13 CAFR.
• Receive additional letters and reports.
• Discuss the audit and internal controls
with White Nelson Diehl Evans LLP.