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, 2025.
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RECOMMENDATION
recommendation
Receive and file the City of Chino's Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2025.
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FISCAL IMPACT
No fiscal impact.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above further 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 the City's primary financial reporting document, providing a detailed and audited overview of the City's financial condition. The ACFR includes financial statements, fund balances, and disclosures prepared in accordance with Governmental Accounting Standards Board (GASB) requirements. It serves as a critical tool for financial transparency, policy evaluation, and informed decision-making by City leadership, residents, and other stakeholders.
Pursuant to the California Government Code and in accordance with Generally Accepted Accounting Principles (GAAP), the City prepares the ACFR annually to ensure accountability and provide a comprehensive assessment of municipal financial operations.
ISSUES/ANALYSIS
The Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2025 has been completed in compliance with Governmental Accounting Standards Board (GASB) guidelines and reflects the City's financial position as of June 30, 2025. The ACFR presents a comprehensive assessment of the City's overall financial health.
Key components of the report include:
* Transmittal Letter- Introductory Section (Pages i-vii): Provides official communication from City staff to the Mayo...
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