Annual comprehensive financial report (acfr) FY 2022/23 Fiscal Year Ended, June 30, 2023
Acfr content
Audit Opinion - Financial Statements
Unmodified “Clean Audit”
Conformed with accounting principles generally accepted in the US (GAAP) Conformed with reporting requirements in accordance with Governmental Accounting Standards Board (GASB) Financial Statements are presented fairly, in all material respects Supplementary Information is fairly stated, in all material respects Internal Controls
- No material weakness or deficiency
Audit Results
Government Wide Financials
Expenses
$29.2 Million
City Wide Net Position
General Fund Revenues
General Fund Tax Revenues- 5 year Trend
Sales Tax: 4%
TOT: 8%
Property Tax: 1%
Taxes were $124k below
Budget estimates
General Fund Expenditures
GENERAL FUND REVENUES & EXPENDITURES
Surplus
$1.2 million
Operating Reserve $1.9M
Recession Reserve $489k
Litigation Reserve $200k
Unassigned Reserve $1.6M
Total Fund Balance
$5.9 million
Section 115 Trust
$1.6 million
(Restricted)
MAJOR LONG-TERM LIABILITIES- GOVERMENTAL
Debt Type
FY 20/21
FY 21/22
FY 22/23
Notes
Pension Obligated Bonds
-
$11,398,751
$7,780,626
Matures 2047 (interest 0.74% to 3.5%)
Landfill Post-Closure
$639,804
$248,591
$124,500
Caspar Landfill Closure costs
Compensated Absences
$569,201
$499,102
$507,406
Vacation, Sick(1/3) due to employees
Net Pension Liability
$10,680,611
$6,348,730
$5,464,006
Section 115 Trust, higher returns
OPEB Liability
$3,106,375
$2,368,616
$2,714,088
OPEB Trust, Higher returns
WATER ENTERPRISE
WASTEWATER ENTERPRISE
CV STARR ENTERPRISE
RESERVES – ENTERPRISE FUNDS
CAPITAL IMPROVEMENT PROGRAM (CIP)
ON THE HORIZON
March 7-15th: FY 23/24 Mid-Term Budget Workshop
March – April: FY 2025 Budget Development
May 12th: Budget Workshop