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Current Council Agenda and Past Meeting Information



Meeting Date: December 14, 2004

Subject/Title: Approve the Filing of the Comprehensive Annual Financial Report for Fiscal Year 2003/2004

Prepared by: Kerry Breen, Accountant II

Submitted by: Pamela Ehler, Director of Finance and Information Systems

Approve the filing of the 2003/04 Comprehensive Annual Financial Report (CAFR) as prepared by the Finance Department and examined by the independent accounting firm of Vavrinek, Trine, Day & Co., LLP.

The audit firm of Vavrinek, Trine, Day & Co., LLP has completed its review and examination of the City’s financial transactions and statements for the year ended June 30, 2004. The audit was conducted in accordance with generally accepted auditing standards. It is the opinion of the auditors that the financial statements fairly represent the financial position of the City as of June 30, 2004, and that the statements were prepared in conformity with generally accepted accounting principles. The Finance Department provided significant support with the year-end closing, the coordination of the audit process, and the preparation of the CAFR.

The Finance Department incorporates the financial statements into a CAFR, the purpose of which is to provide citizens, grantor agencies, and other interested parties with reliable financial information about the City. This is the fourth year the City’s CAFR has been prepared according to the Governmental Accounting Standards Board (GASB 34). In each of the previous three years, the City has received both the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA), as well as the Certificate of Award for Outstanding Financial Reporting from the California Society of Municipal Finance Officers (CSMFO). The GFOA award is a prestigious national award recognizing the use of high standards in preparing state and local government financial reports. The CSMFO award is a statewide program for recognition of excellence in financial reporting.

We believe our current report continues to meet the program requirements and we are submitting it to both organizations to determine its eligibility for another award. Participation in these programs has a number of benefits. An award-winning CAFR shows a dedication to fiscal responsibility and outstanding financial management and reporting. Producing a CAFR provides confirmation that the City operates at the highest level of financial reporting standards, which can improve the City’s future Bond ratings with the debt investment community. This document is a reflection on the entire staff as it was created and published in-house as opposed to having our auditors prepare it.

The CAFR has three main components: the introductory section, the financial section, and the statistical section. The introductory section includes the Letter of Transmittal, which provides a comprehensive analysis of the City’s financial position as of June 30, 2004, as well as a summary of significant fiscal policies and practices. Other information of general interest is in this section, including a directory of Officials and Directors, a City-Wide organizational chart, City Maps, and previous awards received for excellence in financial reporting.

The Financial Section includes the primary financial statements of the City and is organized into the following parts:
• Auditor’s opinion regarding the financial statements;
• Management’s Discussion and Analysis providing a narrative overview of the government-wide financial activities;
• Basic financial statements presenting the government-wide statements which combine the activities of the major funds into governmental and business-type categories and the fund financial statements;
• Notes to the Financial Statements which is an addendum to the financials; and
• Required Supplementary Information presenting the Major Funds actual results with both the original and final adjusted budgets.

The Statistical Section provides demographic and financial tables showing current and historical trend information for the City.

Complete financial information as of June 30, 2004 is contained in the CAFR. Key information is summarized below.
• The City’s General Fund Balance is $22,830,391, which represents an increase of $3,527,899 for the fiscal year.
• Net assets for the City’s governmental activities are $272,312,712, which represents an increase of $46,919,617 during the fiscal year. This increase was largely due to the completion of projects and the acquisition of assets.
• Net assets for the City’s business type activities are $141,829,623, which represents an increase of $3,316,911 for the fiscal year.

Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2004

City Administration
City of Brentwood City Council
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Brentwood, CA 94513
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