South San Francisco City Council
February 8, 2023

FY 2021-22
Annual Comprehensive Financial
Report (ACFR)
City Council Meeting
Karen Chang, Director of Finance
FEBRUARY 8, 2023
FY 2021-22 ACFR Overview
2 Annually audited by Maze & Associates – the City’s
independent audit firm
Prepared following the guidelines recommended
by:
• Government Finance Officers Association (GFOA) of the United States and Canada
• Standards adopted by the Governmental Accounting
Standards Board (GASB)
FY 2021-22 ACFR Layout
• Introductory Section
• Letter of Transmittal
• Provides the formal transmittal of the ACFR from
management
• Provides information useful in assessing an entity’s
economic condition
• GFOA Certificate of Achievement
• Organization Chart
• City Council & Principal Officers
3 FY 2021-22
ACFR Layout
• Financial Section:
• Independent Auditor’s Report (Opinion)
• Maze
• Unmodified Opinion
• Auditors rendered City’s Financial Position is
presented fairly
• Management’s Discussion and Analysis
• Overview of the entity’s basic financial
statements
• Provides comparative data from prior years
• Provides the results of the entity’s overall
financial position and results of operations
• Discussion of capital assets and long-term debt
activity
• Basic Financial Statements of the City
• Government-wide financial statements, fund
financial statements, notes to the financial
statements, and supplementary information
4 FY 2021-22 ACFR Layout
• Financial Section (continued):
• Notes to the Financial Statements
• Presents detailed information as a context for
understanding the information in the financial
statements
• Statistical Section:
• Presents supplementary information about the City’s
overall Fiscal condition.
5 General Funds Highlights
• Revenues* (excluding transfers) = $125.5 million
• Expenditures (excluding transfers) = $121.8 million
• General Fund* Operating Surplus = $3.7M
• Revenues = $125.5 million
• Expenditures = $121.8 million
• Transfers = -$5.3 million
• * Excludes Measure W Sales Tax & Encumbrances
6 General
Fund
Highlights
General Fund’s fund balance* = $64.8M
• $3M Deficit in FY 2021-22
• $-2.8M per Adopted budget
* Excludes Measure W Sales Tax
7 FY2021-22 GF Reserves & Surplus Fund Balance
City Reserves
 General Reserves (City Policy) $ 25,100,000*
 Pension Reserves 5,545,000
 Infrastructure Reserves 18,033,000**
TOTAL Reserve at 6/30/22 $ 48,678,000
Available Unassigned GF Fund Balance $ 12,327,000
Combined:
$61,005,000
8 * Per GFOA best practices. Represents approx. 2-3 months operating needs **Approx. $10m has been budgeted for use to date in FY2022-23 QUESTIONS?
Q&A
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