HomeMy WebLinkAbout12-15-1999 staff report 7C4 r
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SARATOGA CITY COUNCIL
EXECUTIVE SUMMARY NO.
MEETING DATE: December 15, 1999
ORIGINATING DEPT: Administrative Services
AGENDA ITEM 47
CITY MANAGER:
DEPT. HEAD:
SUBJECT: Fiscal Year Ended June 30, 1999 Comprehensive Annual Financial Report
RECOMMENDED MOTION(S):
Accept the fiscal year ended June 30, 1999 Comprehensive Annual Financial Report.
REPORT SUMMARY:
The Comprehensive Annual Financial Report (CAFR) of the City of Saratoga for the year ended
June 30, 1999, has been prepared and is submitted to the City Council for review and acceptance.
The CAFR is prepared pursuant to applicable federal, state and local statutes, which require that the
City of Saratoga issue annually a report on its financial position and activity, and that this report be
audited by an independent firm of certified public accountants. The report contains an unqualified
opinion, which is the highest level of assurance given.
FORMAT OF THE FINANCIAL REPORT:
The CAFR is presented in three sections: introductory, financial and statistical. The introductory
section, which is unaudited, includes this letter of transmittal, a list of the City of Saratoga's elected
officials and administrative personnel, an organization chart and certificate of award for financial
reporting. The financial section includes the independent auditor's report on the financial
statements and schedules, general purpose financial statements (combined statements), notes to the
financial statements, and combining and account group financial statements and schedules. The
statistical section, which is unaudited, includes selected financial and demographic information,
generally presented on a multi -year basis.
ECONOMIC CONDITION AND FINANCIAL INFORMATION:
Contained in the Introductory Section on pages vi through x of the CAFR is an excellent
summary of the City's economic conditions and outlook as well as a summary of the City's
financial information and major initiatives. We recommend that interested readers review these
pages for an easy to read synopsis of the City's financial condition.
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A very brief financial summary is presented below:
Total Revenues
Total Expenditures
Net Operating Transfers
Excess of Revenues over Expenditures
Fund Balance at Beginning of Year
Fund Balances at End of Year
FISCAL IMPACTS:
None
General Fund
$8,828,957
(5,365,807)
(2,437,860)
1,025,290
5,847,373
$6,872,663
ADVERTISING, NOTICING AND PUBLIC CONTACT:
Nothing additional.
CONSEQUENCES OF NOT ACTING ON RECOMMENDED MOTION(S):
None.
FOLLOW UP ACTIONS:
Accept and file the report. Distribute reports to interested parties.
ATTACHMENTS:
Comprehensive Annual Financial Report for fiscal year ended June 30, 1999.
CAFRcouncil 2
All Funds
$13,711 ,845
(12,052,330)
0
1,659,515
8,639,030
10,298,545