TITLE
Recommendation to refer the Comprehensive Annual Financial Report (CAFR), separately issued financial statements and the Federal Single Audit for the fiscal year ended September 30, 2007 to the Budget Oversight Committee. (Citywide)
DISCUSSION
Comprehensive Annual Financial Report
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, 2007 (FY 07) 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 07 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 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 assets, on an all funds basis, as shown on page 27, were $3.7 billion as of September 30, 2007, which included $3.0 billion for enterprise operations such as the Harbor Fund, Water Fund and Tidelands Fund. Net assets increased by $256.3 million from FY 06 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...
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