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Item # 5 PPT CAFR
- 1. City of Alamo Heights, Texas Comprehensive Annual Financial Report Fiscal Year Ended September 30, 2019
- 2. What’s in the CAFR • Introduction • Transmittal Letter from the City Manager • GFOA Certificate of Achievement Award for Excellence in Financial Reporting for the Fiscal Year Ended September 30, 2018 • Independent Auditor’s Report • Management Discussion and Analysis • Government-Wide and Fund Financial Statements • Notes to the Financial Statements • Required Supplementary Information • Other Supplementary Information • Combining & Individual Financial Statements • Statistical Tables
- 3. Independent Auditor’s Report • Audit standards to follow • Generally Accepted Auditing Standards • Purpose • To form an independent opinion on whether the financial statements are presented in accordance with Generally Accepted Accounting Principles (GAAP). • Independent opinion on the financial statements • Audit is “unmodified” • This is the best opinion that can be given for an independent audit. It means we have no modifying statements in our opinion letter.
- 4. Management Discussion and Analysis • Financial Highlights • Overview of the Financial Statements • Government-Wide Financial Analysis • Financial Analysis of the City’s Funds • Budgetary Highlights • Capital Assets and Debt • Requests for Information
- 5. Financial Highlights • Government-Wide Financial Statements • Assets of the City exceeded its liabilities (Net Position) by $18.5 million at September 30, 2019. • Governmental Activities - $9.25 million • Business-type Activities - $9.26 million • Net Position increased by $1.6 million from 2018. • Governmental Activities - $1.5 million • Increase in sales taxes and property tax • Business-type Activities - $150 thousand • Includes budgeted transfer of $70 thousand to General Fund
- 6. Financial Highlights (Continued) • Fund Financial Statements Governmental Funds: • The General Fund’s fund balance at the end of the 2019 fiscal year was $5.5 million, an increase of $887 thousand from 2018. • Unassigned fund balance was $5.4 million • Approximately 7 months operating reserve • The combined fund balance for all funds was $9.1 million, an increase by $250 thousand from 2018. • The City’s fund balances at September 30, 2019 were as follows • Restricted - $369 thousand • Committed and assigned- $2.2 million and $1.0 million for City projects
- 7. Financial Highlights (Continued) • Fund Financial Statements (Continued) Proprietary Fund: • Water fund net position increased $150 thousand to $9.2 million. • Unrestricted Net Position was $1.3 million • At September 30, 2019 the City had working capital of $1.8 million for the utility operations; an increase of $300 thousand from prior year’s working capital ratio. • Almost 7 months operating reserves of working capital
- 8. Letter on Conduct of Audit • Accounting Policies • Accounting Estimates and Disclosures • Difficulties in Performing the Audit • Misstatements • Disagreements • Management Representations • Consultations with other Independent Accountants • Compliance with the Public Funds Investment Act • Comments and Recommendation Regarding Internal Control and Operations
- 9. 855-587-4450www.abipcpa.com Michael Del Toro, CPA Audit Partner mdeltoro@abipcpa.com Jeremy Barbatto, CPA Audit Manager jbarbatto@abipcpa.com 210-341-2581