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CC - CONSENT ITEM: Receipt and Filing of (1) the Fiscal Year 2021-2022 Year-End Report and Audit Summary; (2) the Fiscal Year 2021-2022 Annual Comprehensive Financial Report (ACFR); and (3) the Fiscal Year 2021-2022 Popular Annual Financial Report (PAFR)
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Meeting Date: April 24, 2023
Contact Person/Dept: Lisa Soghor / Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [X] No []
Attachments: Yes [X] No []
Commission Action Required: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (04/19/2023)
Department Approval: Lisa Soghor, Chief Financial Officer (04/18/2023)
RECOMMENDATION
Staff recommends the City Council receive and file (1) the Fiscal Year 2021-2022 Year-End Report and Audit Summary; (2) the Fiscal Year 2021-2022 Annual Comprehensive Financial Report (ACFR); and (3) the Fiscal Year 2021-2022 Popular Annual Financial Report (PAFR).
BACKGROUND
Staff has worked with the City's independent auditors, Vasquez & Company LLP, to finalize the annual financial statements and prepare the Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2021-2022. The attached ACFR has been published on the City's website and submitted to the Government Finance Officers Association (GFOA) for the Certificate of Achievement for Excellence in Financial Reporting award. The purpose of the attached Fiscal Year 2021-2022 Year-End Report and Audit Summary is to review the City's audited financial results reported in the ACFR, with particular emphasis on the General Fund. In an effort to make City finances more accessible to all Culver City residents, the City has also prepared the attached Popular Annual Financial Report (PAFR) for Fiscal Year 2021-2022. The PAFR summarizes and clearly presents the highlights of the ACFR.
DISCUSSION
The General Fund resulted in a net increase of $34.1M in Fiscal Year 2021-2022 with revenues and transfers-in exceeding expenditures and transfers-ou...
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