Finance Committee
April 26, 2023

Annual Comprehensive
Financial Report (ACFR) for FY
2022
Finance Committee
April 26, 2023
Annual Comprehensive Financial Report
• Set of financial statements that comply with accounting standards set by Government Accounting Standard Board (GASB)
• Contains final actual results of prior fiscal year’s financial activities • Must be audited by an independent auditor
• Accompanied by a Memorandum on Internal Control laying out any major issues Financial Highlights
• Ended FY22 with a net position of $215.8 M
• Assets and Deferred Outflows of Resources increased by $13.9 M • Liabilities and Deferred Inflows of Resources decreased by $8.8 M • Pension liability decreased by $62.8 M (31%) due to revised actuarial valuations and strong investment earnings
• $6.5 M was deposited into Pension Trust
Revenues
• Total revenue for FY22: $194.1 M
• Compared to FY21:
• Property Tax revenue increased by 4.2%
• Sales Tax revenue increased by 10.3%
• Property Transfer Tax revenue increased by 56.5%
• Measure VV contributed to increase
Expenditures
• Total expenses for FY22: $171.5 M
• Compared to FY21:
• Engineering Department had a 52.6% increase
• Resumption of projects after being delayed in 2021
• Police Department had a 68% increase
• Pension expenses increases
• Community Development Department had a 31.2% decrease • Completed projects in 2021
General Fund
• 86.9% of all revenues
• 80.5% of all expenditures
• FY22 ended with $11.9 M surplus
• Discussed during prior Finance Committee
• Allocated by Council to fund liabilities and community priorities Other Funds
• All Enterprise Funds: ended FY22 with $70.7 M fund balance • All Internal Service Funds: ended FY22 with $15.9 M
One Significant Deficiency
• Significant turnover within Finance Department strained the ability to perform accounting analysis and closing functions.
• Led to a significant number of post-closing entries after audit commenced • Finance Management acknowledges this
• Increased utilization on temporary staff
• Implemented a new leadership structure to prevent gaps in direction • Working with HR to fully staff Finance Department
Questions and
Comments