HomeMy WebLinkAbout01/17/1989, C-3 - COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FY 1987-88 WIIIIIIII� IIUIII MEETING GATE:
cityo san luis osIspo 1/17/89
COUNCIL AGENDA REPORT ITEM ;ems:
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FROM William C. Statler dkSharon F. Ross
Director of Finance Assistant Treasurer
SUBJECT: COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FY 1987-88
CAO RECOMMENDATION
Receive and file.
OVERVIEW
The Comprehensive Annual Financial Report (CAFR) has been prepared in order to present
the City's monetary results of operations and financial condition as of June 30, 1988, as
well as to provide statistical information of general interest about the San Luis Obispo
community.
Included in the report document is the transmittal memorandum which provides a
comprehensive analysis of the City's financial position as of June 30, 1988 as well as
summaries of significant city policies and practices. As required by the City Charter,
the financial statements have been audited by an independent certified public accountant
(Peat Marwick), and their letter expressing an unqualified (favorable) opinion regarding
the City's financial position is also included in the report document.
REPORT ORGANIZATION
In accordance with generally accepted accounting principles for state and local
governments, the City's CAFR is organized into three major sections:
Introduction
The transmittal memorandum and other items of general interest (directory of officials,
organization chart, last year's Certificate of Achievement for Excellence in Financial
Reporting) are included in this section.
Financial Reports
This section includes the primary financial statements of the City, and is organized into
three major areas:
• Auditor's opinion regarding the financial statements.
• General purpose financial statements, including notes thereto, which summarize
the City's financial position at the fund type level.
• Supplemental financial statements, which provide financial information for each
of the City's funds organized by generic fund type: Governmental Funds
(General, Special Revenue, Capital Project, and Debt Service), Enterprise Funds,
and Trust/Agency Funds.
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COUNCIL AGENDA REPORT
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Statistical Tables
This section provides a variety of demographic and financial tables and supplemental
reports which provide historical and trend information, including the following:
• Statistical overview of the City.
General Financial Trends
• Ten year summary of governmental expenditures by function.
• Ten year summary of governmental revenues by source.
• Two year summary of revenues, expenditures, and changes in financial position
for all budgetary funds.
• Ten year summary of tax revenues by source.
• Ten year summary of assessed valuations.
• Ten year summary of property tax rates.
• Ten year summary of property tax levies and collections.
Long-Term Indebtedness
• Ten year summary of general obligation bonded debt ratios.
• Legal debt margin as of June 30, 1988.
• Direct and overlapping debt as of June 30, 1988.
• Ten year summary of annual general obligation debc sei .,ice requirements in
relation to governmental expenditures.
• Ten year summaries of water and sewer revenue bond coverage.
Demograohics and Economic Base
• Population and housing summary.
• Major sources of employment.
• Schedule of business tax receipts issued during Fiscal Year 1987-88.
• Ten year summary of taxable sales and permits by category.
• Ten year summary of building permits and valuations by type.
• Principal taxpayers in San Luis Obispo County.
• Ten year summary of bank deposits.
• Summary of municipal services provided by other agencies or private companies.
CERTIFICATE OF ACHIEVEMENT
Beginning with Fiscal Year 1983-84, all of the City's Comprehensive Annual Financial
Reports have received the GFOA's Certificate of Achievement for Excellence in Financial
Reporting, which is the highest form of recognition for excellence ;i; this area of
financial management. The Certificate of Achievement is valid for one year only. We
believe that this year's report continues to conform to the Certificate of Achievement
program standards, and it is being submitted to the GFOA to determine its eligibility for
another certificate.
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i COUNCIL AGENDA REPORT
SUMMARY
The Comprehensive Annual Financial Report for Fiscal Year 1987-88 has been prepared in
order to present the City's monetary results of operations and financial condition as of
June 30, 1988, as well as to provide statistical information of general interest about
the San Luis Obispo Community. A comprehensive analysis of the City's financial position
as of June 30, 1988 is provided in the transmittal memorandum included in the report
document. As detailed in the financial statements and report narrative, the City's
financial position as of June 30, 1988 compares favorably with budget projections for all
City f unds.
CONCIJJ!!!!
Tcityornej
ative Officer
ENCLOSURE:
Comprehensive Annual Financial Report for Fiscal Year 1987-88
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CAFRII/FRWDCAFR
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