At last night’s Council meeting, the SB & Company, the City’s auditors, presented the Comprehensive Annual Financial Report (CAFR) for FY 16, a review of the City’s financial practices. The purpose of the CAFR is to ensure that there is minimal risk of or opportunity for fraud or material misstatement.
The auditor found that the City’s financial statements fairly present the financial position of the governmental activities of the City and its major funds, and that there were no material weaknesses in the City’s financial report.
The Report includes interesting information about the City’s financial health. Generally speaking, the City is in good financial health, with the total unreserved fund balance equaling 57.2% of the total General Fund expenditures for FY 2016, well above the stated goal in the City Charter of 25%.
Please let me know if you have any questions.