HomeMy WebLinkAbout1990-02-06; City Council; 10490; 1988-89 Comprehensive annual financial reportw
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GI BOF CARLSBAD - AGENWBILL 27
AB# /fi!vq c TITLE: DEPT.
MTG. 2/6/90 1988-89 COMPREHENSIVE ANNUAL FINANCIAL REPORT C~TYP
DEPT. FIN CITY n
RECOMMENDED ACTION:
Accept the 1988-89 Comprehensive Annual Financi a1 Report,
ITEM EXPLANAT I ON :
Each year the Finance Department prepares an audited annual financial repor for the City Council, City Manager and public. This report provides summary of the City’s financial position on June 30 of each year, includin cash balances, revenues, expenditures, fund balances, total assets liabilities and a wealth of other information.
During 1988-89, the City staff of 458 full-time employees provided complete range of City services to the 62,030 residents and many businesse in Carlsbad. Spending on all City programs totaled 64.2 million in 1988
89, an increase of $15.5 million over 1987-88. Much of this increase i attributable to major capital improvements. The General Fund a1 so show increased expenditures due to funding 26 new positions, operating ne capital facilities, higher charges from internal service funds an( continuing emphasis on the Street Maintenance program,
Total City revenues over 1987-88 increased by $13.2 million from $50.; million to $63.9 million, an increase of 26%. This increase is direct11 linked to a continued increase in the City’s property tax base, stron! growth in sales taxes, a voter-approved increase in the transient tax rate a high level of development activity related to the planning process, an( higher charges from internal service funds to user departments.
The Finance Director‘s introductory letter provides an overview of thc entire report.
FISCAL IMPACT:
The report addresses the present condition of the City, as well as a brief assessment of the City’s future economic outlook. The report itself has nc f i scal impact.
EXHI BITS :
Comprehensive Annual Financial Report for the Fiscal Year ending June 30, 1989, for the City of Carlsbad, California. (On file in the City Clerk‘s
office).