CITY OF EL MIRAGE 2011 COMPREHENSIVE ANNUAL FINANCIAL REPORT

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Ruth Erica Payne
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1 CITY OF EL MIRAGE 2011 COMPREHENSIVE ANNUAL FINANCIAL REPORT

2 FINANCIAL HIGHLIGHTS Introductions Summary of results Financial highlights Comprehensive Annual Financial Report (CAFR) Audit procedures Comparison to prior fiscal years Summary Questions?

3 Auditor Presentation CITY OF EL MIRAGE 2011 COMPREHENSIVE ANNUAL FINANCIAL REPORT

4 SUMMARY OF RESULTS Audit procedures substantially complete Financial statement reviewed and issued No disagreements with management regarding presentation or disclosure No uncorrected misstatements identified No significant deficiencies or material weaknesses in internal control identified Staff hours : budgeted - 400, actual - 475

5 FINANCIAL HIGHLIGHTS Governmental activities increased $1.9 million Business-type activities decreased $317,933 $900,000 decrease if not for CDBG transfer of $582,212. General fund balance increased $2.8 million to $11.2 million General fund balance represents 68% of total fund expenditures Fire impact fees fund decreased $1.1 million due to use of bond funds for projects City implemented a new fund balance reporting model (GASB 54) during the year City prepared its first CAFR in 2011

6 FINANCIAL HIGHLIGHTS Funds needing cash loans from the General Fund: Police Grants $40,000 Home Rehab $50,000 CDBG $70,000 See Note 11 for more information. Business-type activities decreased $317,933 $900,000 decrease if not for CDBG transfer of $582,212. See Note 6 Asset Transfers for more information.

7 COMPREHENSIVE ANNUAL FINANCIAL REPORT Transmittal letter MD&A Independent auditors report Basic financial statements Notes to financial statements Combining section Statistical section

8 AUDIT PROCEDURES Review cash and investment reconciliations Vouch, confirm and/or analyticals on most all revenues Sample and review payroll and disbursement transactions Year end check of payables and receivables Detail tests of capital assets and long-term debt Sample and review procurements for City and federal requirements Review of two federal programs as required for the Single Audit

9 GOING FORWARD Pension accounting and reporting SEC involvement in municipal markets Fiscal sustainability and service efforts accomplishments reporting Auditor preparation of financial statements Governing body role regarding the financial statements and audit

10 Comparison to prior fiscal years CITY OF EL MIRAGE 2011 COMPREHENSIVE ANNUAL FINANCIAL REPORT

2011 2010 2009 120 Millions 100 80 60 40 20 - Cash Current Assets Other Assets Total

11 Millions Cash Current Assets Other Assets Total Assets Current Liabilities Long-Term Liabilities Total Liabilities Total Net Assets/Worth

Millions 40 35 2009 Current Assets/Current Liabilities 4.36 30 2010 3.

00 Current Assets/Total Liabilities 15 2009 0.72 10 5 2010 0.

12 Millions Current Assets/Current Liabilities Current Assets/Total Liabilities Current Liabilities Current Assets Total Liabilities

13 Cash Balances as of June 30th per Annual Audit Millions

14 Net Change Citywide Revenue & Expense as of June 30th per Annual Audit Expense Revenue 2011 Bonds (10) Millions

Millions 12 10 Revenues by Type in Dollars 8 6 2011 2010 2009 4 2 -

15 Millions Revenues by Type in Dollars Charges for Services Grants & Contributions Taxes State Shared Other

16 State Shared 23% Revenues 2009* Other 1% Charges for Services 29% State Shared 23% Revenues 2010 * Other 0% Charges for Services 36% Taxes 23% Grants & Contributi ons 24% Taxes 28% Grants & Contribut ions 13% Revenues 2011 * State Shared 20% Other 0% Charges for Services 35% Taxes 27% Grants & Contributions 18%

17 Millions Expenses by Type in Dollars

Expenses 2009* Interest 1% Health/ Welfare 1% Housing 1% Culture/ Recreation 5%

37% Expenses 2010* Interest 2% Health/ Welfare 2% Housing 2% Culture/ Recreation

34% Expenses 2011 * Water/Sewer 26% Solid Waste 3% General Government 18%

18 Expenses 2009* Interest 1% Health/ Welfare 1% Housing 1% Culture/ Recreation 5% Streets 7% Water/Sewer 26% Solid Waste 3% General Government 19% Public Safety 37% Expenses 2010* Interest 2% Health/ Welfare 2% Housing 2% Culture/ Recreation 5% Water/Sewer 25% Streets 6% Solid Waste 3% General Government 21% Public Safety 34% Expenses 2011 * Water/Sewer 26% Solid Waste 3% General Government 18% Interest 2% Health/Welfare 1% Housing 2% Culture/Recreation 5% Streets 12% Public Safety 31%

19 STATISTICAL SECTION: Top Property Holder in El Mirage? APS - Assessed Valuation - $3,839,970 Top Employer in El Mirage Dysart School District 395 Employees

20 Summary CITY OF EL MIRAGE 2011 COMPREHENSIVE ANNUAL FINANCIAL REPORT

21 SUMMARY OF 2011 TURNING THE CORNER FINANCIALLY Cash and revenue both increased Local revenues State/Federal revenues Expenses are down Utilities are getting healthy General fund has appropriate reserves Current resources are sufficient to meet current needs Liabilities are beginning to decline The City s Net Worth continues to increase

22 Questions? CITY OF EL MIRAGE 2011 COMPREHENSIVE ANNUAL FINANCIAL REPORT

CITY OF SACRAMENTO. Report to the City Council. For the Fiscal Year Ended June 30, 2010

CITY OF SACRAMENTO. Report to the City Council. For the Fiscal Year Ended June 30, 2010 Table of Contents Page(s) Transmittal Letter... 1-2 Required Communications... 3-4 Management Comment and Recommendation... 5 Honorable Members of the City Council of the City of Sacramento We have audited