TO: Board of Supervisors
FROM: Tracy A. Schulze - Auditor-Controller
REPORT BY: Georgina Panganiban - Accounting Manager
SUBJECT: Annual Comprehensive Financial Report for Fiscal Year Ending June 30, 2024
RECOMMENDATION
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Accept and file the Annual Comprehensive Financial Report (ACFR) for fiscal year ended June 30, 2024. (No Fiscal Impact, Mandatory)
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BACKGROUND
California Government Code Section 25250 addresses the requirements of the County to have an examination of the financial statements in accordance with generally accepted auditing standards. The Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2024 is presented to you today and includes an unmodified (clean) opinion from the County’s external auditors, Brown Armstrong Accountancy Corporation.
The ACFR is organized with five main sections: (1) the Introductory Section, including the Transmittal Letter signed by the Auditor-Controller, Tracy Schulze, and County Executive Officer, Ryan Alsop. (2) the Financial Section, including the Audit Opinion, and Management’s Discussion and Analysis (MD&A), (3) the required Basic Financial Statements Section, including financial statements, note disclosures, and required supplementary information, (4) the Supplementary Information Section on non-major funds, enterprise funds and internal service funds, and (5) the Statistical Section. The ACFR is an excellent resource for the County’s financial and statistical information.
On December 31, 2024, the Auditor-Controller submitted the County’s ACFR to the Government Finance Officers Association (GFOA) to participate in the Certificate of Achievement for Excellence in Financial Reporting Program. Each ACFR submitted to GFOA for consideration is reviewed by three independent reviewers and rated on various criteria within 17 different areas of the report including compliance with over 100 Governmental Accounting Standards required for transparent and accurate financial reporting. The County has received the GFOA Certificate of Achievement for Excellence in Financial Reporting in each of the past nineteen years. Due to the size of the report, the ACFR will be made available to the public through the County’s website.
Requested Action: Accept and file the report.
FISCAL & STRATEGIC PLAN IMPACT
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Is there a Fiscal Impact? |
No |
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Is it Mandatory or Discretionary? |
Mandatory |
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Is the general fund affected? |
No |
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Future fiscal impact: |
None |
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Consequences if not approved: |
The County would not be in compliance with the California Constitution |
ENVIRONMENTAL IMPACT
ENVIRONMENTAL DETERMINATION: The proposed action is not a project as defined by 14 California Code of Regulations 15378 (State CEQA Guidelines) and therefore CEQA is not applicable.