Each fiscal year the City is required to prepare the Cities Financial Transactions Report for the State Controller’s Office. In accordance with State of California Government Code section 40804, the City is required to publish a summary of this report.
Comprehensive Annual Financial Reports
The Comprehensive Annual Financial Report contains the City’s financial statements. The report is prepared in accordance with Generally Accepted Accounting Principles (GAAP) as promulgated by the Government Accounting Standards Board (GASB). This report includes an introductory section, the Independent Auditors’ Report, and the Management’s Discussion and Analysis (MD&A), which offers readers a narrative description in addition to analysis of the financial activity of the City for the fiscal year in review. The report also includes a citywide valuation of infrastructure assets. The City has consistently received the prestigious “Certificate of Achievement for Excellence in Financial Reporting” award presented by the Government Finance Officers Association since its 2001 incorporation.
Single Audit Reports
The Single Audit Report is an audit that includes both the financial statements and the expenditures of federal awards received by the City. This audit is legally required in any fiscal year the City meets or exceeds the expenditure threshold established by the Federal Government.