Report to Mayor and City Council
Tuesday, February 07, 2023
Consent
SUBJECT:
Title
THE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 2022 (CITY COUNCIL)
Body
I. SUMMARY
The City’s independent auditor, Vasquez & Company LLP, has completed the audit of the City’s financial statement for Fiscal Year 2021-2022. The purpose of this report is to provide an overview of the City’s financial status as of June 30, 2022.
II. RECOMMENDATION
Recommendation
RECEIVE and FILE this staff report.
Body
III. ALTERNATIVES
TAKE another action deemed appropriate by City Council.
IV. BACKGROUND
The City of Carson’s auditor, Vasquez & Company LLP, has audited the financial statements of the City for fiscal year ended June 30, 2022. The auditor has issued a clean opinion that the financial statements are presented fairly, in all material respects, the financial position and activities of the City and its component units. The auditor also reviewed thee financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
The Annual Comprehensive Financial Report (ACFR) is available on ’the Citys website <https://ci.carson.ca.us/Finance/CAFR.aspx> and at City Hall. A copy of the referenced ACFR is also distributed to each member of the City Council.
In summary, the General Fund is the primary operating fund of the City. As of June 30, 2022, the total fund balance of the City’s General Fund was $107.9 million (an increase of $48.5 million from the prior year level of $59.4 million). Approximately $90.7 million of the $107.9 million from general fund balance is unassigned and available for funding at the City Council’s discretion.
V. FISCAL IMPACT
There is no direct fiscal impact associated with the recommendation.
VI. EXHIBITS
N/A.
Prepared by: Hnin Phyu, Acting Accounting Manager