Item 7.1: Audited Annual Comprehensive Financial
Report (ACFR) for Fiscal Y ear Ended 2023
Sarah Schoen, Director of Finance/Treasurer
Adrian Del Rio, Assistant Director, Finance Department
Annual Comprehensive Financial
Report (ACFR) for Fiscal Y ear Ended
2023
Overview of ACFR and Audit
General Fund Reserves as of Fiscal Year Ended 2023
Recommend to Accept the Audited Annual Comprehensive
Financial Report for Fiscal Year Ended June 30, 2023
2 https://www.chulavistaca.gov/departments/finance/financi al-reports
Overview of
ACFR and
Audit
3 Compiles and prepares the annual financial report to provide interested parties with reliable information concerning the financial condition and results of operations for the City.
Purpose
The basic financial statements are audited by an independent certified public accounting firm as required by City Charter Section 1012Audited The financial statements have been prepared in accordance with Generally Accepted Accounting Principles (GAAP). Adheres to pronouncements of Governmental Accounting Standards Board (GASB). Allows for comparability between state and local governments.
Preparation
The firm of Lance, Soll & Lunghard, LLP has audited the basic financial statements of the City of Chula Vista and has issued their opinion that the statements present fairly, in all material respects, the financial position and the results of the operations of the City. An unmodified (“Clean”) opinion Results
General Fund Reserves
4 Recommended Action:
Accept the Audited Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2023