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The original item was published from 1/29/2016 2:42:00 PM to 1/29/2016 2:43:00 PM.

News Flash

News Flash

Posted on: January 29, 2016

[ARCHIVED] Comprehensive Annual Financial Report (CAFR) Details City's Financial Strength

The CAFR is required to be an easily readable and efficiently organized document designed for the public’s reading and review – we think readers will find the report a helpful resource that breaks down a complex budget into a user-friendly format.

Rancho Santa Margarita's Director of Finance, Stefanie Turner, presented to the City Council at their regular meeting on January 27 the City’s annual CAFR – a detailed narrative that municipalities use to maintain compliance with mandated fiscal reporting requirements, as well as ensure the open and transparent specifics of all elements of the City’s financial interests.

State law and the City’s municipal code require that this annual financial report is prepared each year. Staff members from throughout the City contribute information to the report under the direction of the finance department to assist the public in understanding the fiscal condition of the City. The Comprehensive Annual Financial Report (CAFR) includes financial data from nine separate funds, a profile of the City’s current economic conditions, and financial position for the City ending June 30, 2015. Included with City revenues and expenditures is a report by an independent auditor confirming the financial statement presents fairly in all material respects.

For the 14th consecutive year, the Government Finance Officers Association of the United States and Canada awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Rancho Santa Margarita. The fiscal year 2014-15 Comprehensive Annual Financial Report will be submitted for this prestigious award, which is the highest form of recognition presented in the area of governmental accounting and financial reporting. CAFR reports are required to satisfy both Generally Accepted Accounting Principles and applicable legal requirements to be awarded a Certificate of Achievement. Click on the Additional Info tab below to view the 2014-15 CAFR.

Additional Info...
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