TO: LINDA REICH, CITY MANAGER
FROM: ROB BURNS, DIRECTOR OF FINANCE
SUBJECT
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Annual Comprehensive Financial Report for Fiscal Year 2022-23.
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RECOMMENDATION
Receive and file the City of Chino's Annual Comprehensive Financial Report for Fiscal Year 2022-23.
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FISCAL IMPACT
No fiscal impact.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above furthers the City's values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
* Financial Stability
* Responsible Long-Range Planning
* Exemplary Leadership
Revenue:
Expenditure:
Transfer In:
Transfer Out:
BACKGROUND
The Annual Comprehensive Financial Report (ACFR) of the City of Chino, California, for the period ending June 30, 2023, has been prepared by the Finance Department and is now available for review. The report was prepared in accordance with the guidelines set forth by the Governmental Accounting Standards Board (GASB). Badawi & Associates conducted the City's independent audit in accordance with generally accepted auditing standards. This year's financial report received an unmodified, or "clean," opinion.
ISSUES/ANALYSIS
The City's ACFR presents the overall financial position of the City. This enables readers of the financial statements to evaluate the overall financial progress of the City and the costs of the service levels provided to its citizens. The City's overall financial position includes not only revenues and expenditures, but also Capital Assets (such as land, buildings, and infrastructure), as well as outstanding liabilities (such as Long-Term debt). Additionally, the City's financial statements include financial information relating to agreements between the City and third-party entities for services such as quality potable water, sewage treatment, Workers' Compensation, and General Liability coverage.
The final audited FY 2022-23 results show that e...
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