Title
2015 CAFR and GASB 68
Presenter:
Kara Skinner, Chief Financial Officer
Body
Summary:
This update provides an overview of the 2015 Comprehensive Annual Financial Report and the impact of pension accounting.
Previous Council Action:
N/A
Background:
As required by state law, the City annually prepares a complete set of audited financial statements. The City recently fulfilled this requirement by publishing the 2015 Comprehensive Annual Financial Report (CAFR) in accordance with the Government Financial Officers Association of the United States and Canada (GFOA). The City submitted this CAFR to GFOA for its Certificate of Achievement for Excellence in Financial Reporting and believes it meets all requirements for another certificate.
Beginning with the 2015 CAFR, the City is required to account for various pension items within its report. This requirement is based on the guidelines outlined by the Governmental Accounting Standards Board Statement No. 68, Accounting and Financial Reporting for Pensions - an amendment of GASB Statement No. 27 (GASB 68).
This item supports the City's strategic goal relating to excelling at City services. We believe the 2015 CAFR will again be awarded the GFOA Certificate of Achievement for Excellence in Financial Reporting award, demonstrating it has published an easily readable and effectively organized report.
Financial Implications:
As of December 31, 2015, the City's total net position was $2.9 billion, a decrease of $194.4 million or 6.2%. The combined governmental fund balances totaled $117.9 million, an increase of $1.6 million. The General Fund ended the year with a total fund balance of $50.4 million, of which $42.5 million was unrestricted.
The combined impact of GASB 68 was a reduction to net position at December 31, 2015, of $355.5 million. This amount is reflected on the City's government-wide statement of net position; however, it does not affect the General Fund's fund balance....
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