HomeMy WebLinkAbout02/06/1990, C-9 - COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FY 1988-89 01111111K§ City Of san lues OBispo MI6 EEM?
DATE:
COUNCIL AGENDA REPORT `M""u"At:
FROM William C. Statler, Director of Financ
SUBJECT: COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FY 1988-89
CAO RECOMMENDATION
Receive and file the Comprehensive Annual Financial Report for Fiscal Year 1988-89.
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, 1989, 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, 1989 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 as outlined in the Preface to the report:
Introduction
The transmittal memorandum and other items of general interest (directory of officials and
advisory bodies,organization chart,and 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 and account groups organized by generic fund type:
Governmental Funds (General, Special Revenue, Capital Project, and Debt
Service), Enterprise Funds, Fiduciary Funds, and General Fixed Assets.
Statistical Tables
This section provides the following demographic and financial tables which provide current
and historical trend information for the City:
Overview
• Statistical overview of the City
General Financial Trends
0 Ten year summary of governmental revenues by source /f 9�
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COUNCIL AGENDA REPORT
• Ten year summary of governmental expenditures by function
• 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 of taxable properties
• Ten year summary of property tax rates
• Ten year summary of property tax levies and collections
Lona-Term Indebtedness
• Ten year summary of general obligation bonded debt ratios
• Legal debt margin as of June 30, 1989
• Direct and overlapping debt as of June 30, 1989
• Ten year summary of annual general obligation debt service requirements in
relation to governmental expenditures
Demo¢ranhics and Economic Base
• Population and housing summary
• Major sources of employment as of June 30, 1989
• Schedule of business tax receipts issued during Fiscal Year 1988-89
• Ten year summary of taxable sales and permits by category
• Ten year summary of building permits and valuations by type
• Two year summary of principal taxpayers in San Luis Obispo County
• Ten year summary of bank deposits
• Summary of municipal services provided by other agencies or private companies
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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 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 has been
submitted to the GFOA to determine its eligibility for another certificate.
SUMMARY
The Comprehensive Annual Financial Report for Fiscal Year 1988-89 has been prepared in
order to present the City's monetary results of operations and financial condition as of June
30, 1989, 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,
1989 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,
1989 compares favorably with budget projections for all City funds.
CONCURRENCES:
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ENCLOSURE:
Comprehensive Annual Financial Report for Fiscal Year 1988-89. �9��