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CC - CONSENT ITEM: Receipt and Filing of Fiscal Year 2020/2021 Year-End Report and Audit Summary and the Fiscal Year 2020/2021 Annual Comprehensive Financial Report (ACFR).
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Meeting Date: March 28, 2022
Contact Person/Dept: Iris Kym/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 (03/23/2022)
Department Approval: Lisa Soghor, Chief Financial Officer (03/23/2022)
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RECOMMENDATION
Staff recommends the City Council receive and file the Fiscal Year 2020/2021 Year-End Report and Audit Summary and the Fiscal Year 2020/2021 Annual Comprehensive Financial Report (ACFR).
BACKGROUND
The purpose of the attached report is to provide an update on the financial results for Fiscal Year 2020/2021. Staff has worked with the independent auditors to finalize the annual financial statements and prepare the ACFR. The ACFR 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
The General Fund resulted in a net increase of $6.4M in FY2020/2021 with revenues and transfers in exceeding expenditures and transfers out. Amid a surge in Delta and Omicron variant COVID-19 cases, concerns related to supply chains, the global parts shortages, record-high consumer prices, and labor issues, the City took action to make significant budget cuts, eliminated OPEB pre-funding, eliminated the equipment and vehicle replacement allocation to the General Fund, and minimized new General Fund capital projects.
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