TITLE
Recommendation to receive and file the Comprehensive Annual Financial Report and Separately Issued Financial Statements for the Fiscal Year Ended September 30, 2015. (Citywide)
DISCUSSION
Comprehensive Annual Financial Report
The Comprehensive Annual Financial Report (CAFR), prepared by the Department of Financial Management, contains audited financial information on all City funds for the fiscal year ended September 30, 2015 (FY 15), 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. 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 1, 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 contract with 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 position as shown on page 23 of the CAFR, were $4.7 billion as of September 30, 2015, which included $4.6 billion for enterprise operations such as the Harbor Fund, Water Fund and Tidelands Fund, and $100.0 million for governmental funds. Net assets decreased by $556.4 million from FY 14, primarily as a result of the implementation of new pension accounting rules.
Separately Issued Financial Reports and Statements
In addition to the CAFR, certain City funds, joint powers authorities, and other subsidiary entities are also required to submit audited annual financial statements under separate cover, including the Harbor Department, the Water Department, Los Cerritos Wetland...
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