HomeMy WebLinkAbout02/02/1988, C-6 - COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FISCAL YEAR 1986-87 Q��h��Nl�lylllllllull�=ullllulll v' r MEETING DATE:
_Ip C� or san lugs osispo February 2, 1988
COUNCIL AGENDA REPORT �T�
FROM: William C. Statler, Director of Finance
SUBJECT:
Comprehensive Annual Financial Report for Fiscal Year 1986-87.
CAO RECOMMENDATION:
Receive and file.
BACKGROUND:
The Comprehensive Annual Report for Fiscal Year 1986-87 was distributed to
the City Council under separate cover on January 22, 1988. Included in
the report document is the transmittal memorandum which provides an
analysis of the City's financial position as of June 30, 1987 as well as
summaries of significant City financial 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 opinion regarding the City's financial
position is also included in the report document.
The report encompasses all of the funds administered by the City of San
Luis Obispo, including the following special districts and agencies:
• San Luis Obispo Capital Improvement Board
0 Housing Authority of San Luis Obispo
• Whale Rock Commission
s Business Improvement Association
The inclusion of these agencies in the City's annual financial report not
only meets generally accepted accounting principles, but more importantly,
provides a more comprehensive financial presentation of the activities
administered through the City of San Luis Obispo; and eliminates the
proliferation of separately issued financial statements for each agency.
In addition to the basic financial statements and supplemental schedules,
the report also includes the following statistical tables and supplemental
reports:
• Ten year summary of governmental expenditures by function.
• Ten year summary of revenues by source.
• Ten year summary of tax revenues by source.
• Ten year summary of property tax levies and collections.
0 Ten year summary of assessed valuation. caw&ari—
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COUNCIL AGENDA REPOFT
• Ten year summary of property tax rates.
a Summary of principal taxpayers.
• Ten year summary of general bonded debt ratios.
0 Legal debt margin as of June 30, 1987.
a Direct and overlapping debt as of June 30, 1987 .
• Ten year summary of annual debt service requirements.
• Ten year summaries of water and sewer revenue bond coverage.
• Miscellaneous statistical and demographic information about the
San Luis Obispo community.
• Ten year summaries of taxable sales and construction activity.
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 in 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.
SUMMARY
The Comprehensive Annual Financial Report for Fiscal Year 1986-87 has been
prepared in order to present the City's monetary results of operations and
financial Condition as of June 30, 1987, as well as to provide statistical
information of general interest about the San Luis Obispo community. An
analysis of the City's financial position as of June 30, 1987 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, 1987 compares favorably with budget
projections for all City funds.
ACTION TAKEN
Approved As recommended As modified
Denied Continued
VOTE:
Financial Plan distributed under separate cover previously.
EG87015/TXTELLA