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CC - Receipt and Filing of Fiscal Year 2018/2019 Year-End Report and Audit Summary.
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Contact Person/Dept: Onyx Jones/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [] Attachments: Yes [X] No []
Commission Action Required: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (03/03/20)
Department Approval: Serena Wright-Black, Assistant City Manager (03/03/20)
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RECOMMENDATION
Staff recommends the City Council receive and file the Fiscal Year 2018/2019 Year-End Report and Audit Summary.
BACKGROUND
The purpose of the attached report is to provide an update on the financial results for Fiscal Year 2018/2019. Staff has worked with the independent auditors to finalize the annual financial statements and prepare the Comprehensive Annual Financial Report (CAFR). The CAFR has been published on the City’s website and submitted to the Government Finance Officers Association for the Certificate of Achievement for Excellence in Financial Reporting award. The attached report is a brief summary of the results, with particular emphasis on the General Fund.
DISCUSSION
During Fiscal Year 2018/2019, there was a continued recovery in the overall economy, as well as the local economy. General Fund revenues outpaced expenditures for the seventh year in a row.
Details are provided in the attached report.
FISCAL ANALYSIS
There is no fiscal impact from this item.
ATTACHMENTS
1. 2020-03-09_ATT - Fiscal Year 2018/2019 Year-End Report and Audit Summary
MOTION
That the City Council:
Receive and file the attached Fiscal Year 2018/2019 Year-End Report and Audit Summary.