TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
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Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2024.
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RECOMMENDATION
Receive and file the City of Chino's Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2024.
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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) is a key financial document that provides a detailed review of the City's financial condition, including audited financial statements, fund balances, and compliance with Government Accounting Standards Board (GASB) requirements. It serves as a critical resource for financial transparency, policy evaluation, and strategic decision-making.
As required by the California Government Code and in accordance with Generally Accepted Accounting Principles (GAAP), the City prepares the ACFR to ensure accountability and provide stakeholders-City leadership, residents, and investors-with a comprehensive assessment of municipal financial operations.
ISSUES/ANALYSIS
The Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2024 has been completed in compliance with Governmental Accounting Standards Board (GASB) guidelines and reflects the City's financial position as of June 30, 2024. The report provides a comprehensive assessment of the City's financial health. Here are the main sections:
* Transmittal Letter in the Introductory Section serves as an official communication from City staff to the Mayor and Members of the City Council, presenting the ACFR and summarizing the City's finan...
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