Annual
FinancialReport to the
Community
Fiscal Year Ended
June 30, 2022
Overview
What is theGFOA?
What is a PAFR?
What is in Cotati’s PAFR?
DepartmentGoals
DEPARTMENTAL GOALS
Continue to Provide the
Highest Level of Reporting to the Public
3 Citywide Annual Budget*
Budget‐in‐BriefAnnual Comprehensive Financial Report (ACFR) *Popular Annual Financial Report (PAFR)*State Controllers Office (SCO) Mandated Reporting including; Compensation, Streets, and TransactionsMaintenance of Efforts * Award Winning Documents
Annual Reporting to the Public
• Awards encourage our City staff to go
beyond the minimum requirements of generally accepted accounting principles • The GFOA Award is an indicator to the
public and other users of the financial statements that the statements/budget have all the information they need to assess the financial health of the City • Government Finance Officers Association• Mission is to advance excellence in public finance• 20,000 members of federal, state/provincial, and local finance officials
• Leaders of public finance best practices• Established several highly regarded professional recognition programs including reporting awards
• Award programs reviewers are combination of
GFOA professional staff and individuals with expertise in public sector financial reporting What is theGFOA?
Why is their award important to Cotati?
5 What is a PAFR?
GFOA established the Popular Annual Financial
Reporting Awards Program (PAFR Program) in
1991 to encourage and assist state and local
governments to extract information from their
Annual Comprehensive Financial Report (ACFR) to
produce high quality popular annual financial
reports specifically designed to be readily
accessible and easily understandable to the
general public.
PAFR Requirements
• Submit and receive the GFOA’s Certificate of Achievement for Excellence in Financial Reporting for the City Financial Statements (ACFR).• In addition:
• The PAFR must clearly advise readers of the availability of the ACFR.
• If the PAFR contains information from only selected
funds, or if the PAFR does not include all component units, that fact must be disclosed. • The financial information contained in the PAFR must
be derived from the actual GAAP data in the ACFR.
• Some form of appropriate narrative or graphical
analysis must be provided to explain items of potentially significant interest or concern.
Community Focused
• Provide History of the City• Key Demographics and Facts • Photos of the City Council Members as of 06/30/2022 • Lists of Services & Information online and at City Hall Goals and
Accomplishments
• Improved Communications of Financial
Condition
• Economic Development Support• Community Safety Outreach Programs• City Infrastructure Projects Focusing on Streets Improvements and Pedestrian Wayfinding.
Simplified & Accurate
Financial Data
HIGHLIGHTS FOR
THE FISCAL YEAR
2021/22
COMPARATIVE
STATEMENT OF
NET POSITION
COMPARATIVE
STATEMENT OF
ACTIVITIES
SUMMARY OF
CITY‐WIDE REVENUES
SUMMARY OF
CITY‐WIDE
EXPENSES
COMPARATIVE OF
REVENUES AND
EXPENSES FOR 10
YEARS
ALLOCATION FOR
OUR RESIDENTS
PROPERTY TAX
DOLLAR
Financial Highlights for FiscalYear 2021/22
11 Net position improved by $3.5 million from a City wide balance of 51.3 million in the prior year to $54.9 million., primarily due to investments in city assets or infrastructure due to the streets’ improvement projects, traffic safety projects. Current and other assets which include cash and investments and short‐term receivables increased by $1.3 million to $23.3 million. The General Fund’s end of year fund balance was $9.5 million an almost 5.5% increase from last years $9.0 million.
• Like a Balance Sheet
• Presents Assets and Liabilities as of the end of the fiscal year (June 30)
• Used as an indicator of financial condition at a point in time.• Includes deferred outflows and inflows for Pensions and Other Post Employment Benefits
Statement of Net Position
12 What is it?
What is happening in Cotati?
• Increase in assets primarily due to one‐time receivables of funds from the Federal American Rescue Act (ARPA) of $0.9 million as well as investments in capital assets of approximately $3.7 million. • Increase in current and long‐term liabilities is due to the implementation of GASB 87 which adjusts the recording of lease liabilities for the City. • ACFR Management Discussion and Analysis provides high level summaries the changes to total Net Position.
Net Position
LastTenYears
13 • Presents Revenues and Expenses for the Fiscal Year (July1‐June 30) • Similar to an Income Statement
• Used as a performance indicator of operations to meet citizen needs• Includes program revenues and general revenues• Specifies expenses by function/department/program Statement ofActivities
14 What is it?
What is happening in Cotati?
• Increase in Program Revenues due Allocation of ARPA Funding of $1.7 million .• Increases in General Revenues is primarily due to increased sales tax receipts rand other taxes, primarily cannabis business tax.
• Total expenses increased by approximately 13% primarily due the additional discretionary payment made to CalPERS, which is allocated across departments as well as increased projects for public works and community development. • See ACFR Management Discussion and Analysis for more detailed analysis of the changes in Net Position.
REVENUES
Where the Money Comes From…
15 16
ExpensesWhere the MoneyGoes…
16 17
Total Revenues & Expenses
Last 10 FiscalYears
18 PropertyTaxes as a Revenue Source
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Maecenas porttitor congue massa. Fusce posuere, magna sed pulvinar ultricies, purus lectus malesuada libero, sit amet commodo magna eros quis urna.LOREM IPSUM DOLOR SITAMET, Get your own copy! CONSECTETUER ADIPISCING ELIT. 13Online at cotaticity.org & at City Hall 19 Thanks!