HomeMy WebLinkAboutPOWERPOINT PRESENTATION - CAFR (ITEM #8)City of Tustin
Comprehensive Annual Financial Report (CAFR)
For theYear Ended June 30, 2014
City of Tustin, Comprehensive Annual Financial Report for the Year Ended June 30, 2014 Continued:
• City's assets encompassing all
governmental and business type activities
and deferred out flows of resources
exceeded its liabilities by $672 million.
• Net position consists of $485.4 million
net investment in capital assets; $36.7
million in restricted net position and
$149.9 million in unrestricted net
position.
City of Tustin, Comprehensive Annual Financial Report for the Year Ended June 30, 2014 Continued:
General Fund:
General fund expenditures exceeded
revenues, other financing sources and
extraordinary gain by $43.8 million.
Extraordinary gain of $1.4 million due to
forgiveness of interest.
Fund balance decreased $43.8 million.
City of Tustin, Comprehensive Annual Financial Report for the Year Ended June 30, 2014 Continued:
• Water Enterprise Fund's revenues
exceeded expenditures by $3.1 million.
• Rates sufficient to cover costs and build
reserves.
• The City did not have any audit findings.
• There was one adjustment regarding
recognition of the amount due to
Kimco /Vestar for completion of
infrastructure at the Legacy.
City of Tustin, Comprehensive Annual Financial Report for the Year Ended June 30, 2014 Continued:
Staff recommends City Council:
• Receive and file 6/30/14 CAFR.
• Receive additional letters and reports.
• Discuss the audit and internal controls
with White Nelson Diehl Evans LLP.