Long Beach, CA
File #: 06-0656    Version: 1 Name: FM - Comprehensive Annual Financial Report
Type: Agenda Item Status: Received and Filed
File created: 7/27/2006 In control: Budget Oversight Committee
On agenda: 8/1/2006 Final action: 4/27/2010
Title: Recommendation to refer the Comprehensive Annual Financial Report (CAFR) and Separately Issued Financial Statements for the Fiscal Year Ended September 30, 2005 to the Budget Oversight Committee.
Sponsors: Financial Management
Indexes: Report
Attachments: 1. C-21sr.pdf, 2. C-21att.pdf
Related files: 10-0741
TITLE
Recommendation to refer the Comprehensive Annual Financial Report (CAFR) and Separately Issued Financial Statements for the Fiscal Year Ended September 30, 2005 to the Budget Oversight Committee.

DISCUSSION
The Comprehensive Annual Financial Report (CAFR), prepared by the Financial Management
Department, contains audited financial information on all City funds for the fiscal year ended
September 30, 2005 (FY 05) in accordance with generally accepted accounting principles. In
accordance with Section 302(e) of the City Charter, the CAFR is submitted annually to the City
Council. The FY 05 CAFR uses reporting methods reflected in the Governmental Accounting
Standards Board Statement No. 34 (GASB 34), the reporting model for all state and local
governments. It is important to note that the CAFR is designed to report historical financial
information only and is not designed to report financial projections or budgetary priorities.
We are pleased to report that the Independent Auditor’s Report, found on page I, concluded
that the City’s financial statements present fairly, in all material respects, the financial position
of the City, and its related cash flow and budgetary information. The audit was conducted by
KPMG LLP, a certified public accounting firm, under the direction of the City Auditor.
. The CAFR provides Basic Financial Statements that combine all of the City’s assets and
liabilities in one consolidated statement. Total City net assets, as shown on page 23, were $3.1
billion as of September 30, 2005, which included $2.7 billion for enterprise operations such as
the Harbor Fund, Water Fund and Tidelands Fund. Net assets increased by $162.7 million
from FY 04 and are in the form of buildings, real property, bond proceeds, funds reserved for, capital projects, debt service and grants-funded programs. Most of these funds are restricted
by federal or state law and are not available for discretionary use.
As of September 30, 2005, the unreserved fund bal...

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