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HomeMy WebLinkAbout1994-02-15; City Council; 12586; 1992-93 ANNUAL FINANCIAL REPORT - CAFRMTG. 2-/5-?? DEPT. FIN 1992-93 ANNUAL FINANCIAL REPORT CITY CITY - a tB$ > 0 Qz f.L a 4 z 0 i= 0 a i 2 8 2 'TY OF r' CARLSBAD - AG YDA BILL AB# 1ais8@ ?!LE: DEPT RECOMMENDED ACTION: Accept the 1992-93 City of Carlsbad Comprehensive Annual Financial Rep0 (CAFR), and the annual reports for the Parking Authority, the Public Improveme: Corporation, and the Redevelopment Agency. ITEM EXPLANATION: Each year an independent audkor exa&es the C;ty's Lancial records and for tl fiscal year 1992-1993, the audit firm of Conrad & Associates was retained. TI audit process requires several months of on-site examination, testing, ai reconciliation of investments, bank statements, accounting records, warrants issue! payroll records, appropriations, fixed assets, revenues and expenditures. The er result is an opinion on the fairness of the presentation of the financial data with the reports. As in the past, this year we received an unqualified opinion on all 1 our annual reports. In addition, the City CAFR has received awards for excellenc from the Government Finance Officers Association of the United States and Canac (GFOA) and the California Society of Municipal Finance Officers (CSMFO) sinc 1986. As in 1991-92, the 1992-93 CAFR will only be submitted to the CSMF award program due to budget constraints. The CAFR includes all entities for which the City exercises oversight responsibili which includes, but is not limited to, the authority to govern, manage, appro' budgets and assume fiscal responsibility. Using this definition as a guide, the 199 93 CAFR includes the financial transactions of the following legal entities: The City of Carlsbad The Carlsbad Municipal Water District The Parking Authority of the City of Carlsbad The City of Carlsbad Public Improvement Corporation The Carlsbad Redevelopment Agency Due to various legal requirements and managerial needs, separate financi statements are prepared for some of the above entities. These have been previous distributed to the respective governing bodies. Additional copies are on file with tl City Clerk and the Finance Department. Financial Summary as of June 30. 1993 The reports show the financial condition of the City at June 30, 1993. TI combined assets of the City of Carlsbad are $353 million, with fixed asse comprising 47% and cash and investments at 34% of the total. Total Ci expenditures were $78 million, an increase of $1.3 million over 1991-92. Much I the increase in expenditures is due to construction of several major street projec and the higher cost of purchased water by CMWD. I - e e PAGE TWO OF AGENDA BILL NO. 12 ! 5 8b Combined revenues totaled $83 million, up $777,000 over 1991-92. Water a sewer revenues account for most of the increase in revenue. The Generd Fu suffered for a second year with decreased revenues directly linked to recession: influences on taxes and construction fees, diversion of revenues to the state a county, and fewer building permits. Undesignated reserves for the general fund and special revenue funds remained approximately $9 million and $5 million respectively. Capital project undesignai reserves decreased $9 million, reflecting the increased appropriations a expenditures for capital projects throughout the city. Fund equity in the inten service funds increased $1.5 million, consisting mainly of an increase in the F11 Management fund of $1.1 million. Additional infomation regarding the Cit operations and achievements for 1992-93 can be found in the CAFR Letter Transmittal. FISCAL IMPACT: The CAFR and the additional financial reports present the financial condition of I City and its related entities as of June 30, 1993. With the changing econor situation, the financial condition of the City also changes. In order to maintai good understanding of the City's complex financial picture, financial updates i given to Council on a monthly and as-needed basis. EXHIBITS: Audit reports are on file with the City Clerk and Finance Department. 1. Comprehensive Annual Financial Report for the fiscal year ended June 30,19! 2. Parking Authority of the City of Carlsbad, Combined Financial Statements fiscal year ended June 30, 1993. 3. City of Carlsbad Public Improvement Corporation, Combined Financ Statements for fiscal year ended June 30, 1993. 4. Carlsbad Redevelopment Agency, Combined Financial Statements for fiscal yr ended June 30, 1993.