AgdaPkt 2011-08-22 - Laserfiche WebLink

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6.1.G. - Page 24 story. A mare comprehensive examination of all relevant management discussions, financial sta�ernents, nates, budgets and forecasts, and changes in thezn over tzzne, including data not yet published or audited, is needed to really understand the fiscal health of a eity, which can cha�ge very quickly, This type o#' effo�k is beyond the capability of the average citizen and highiights the need for the cities and County to do tlae l�est they can to rz�ake as much infoz�ation pub�icly available in as timely a fashion as possible, In this specifc case, Half Moon Bay's most reeent CAFRs, Annual Approved Budgets, Reserve Policies, and Five Year Forecasts were available to the public on its Website, enabling infierested citize�s capal�le of a.u�derstaz�dzng it ta properly educate themselves on the significant impact of a legal settlement, in this case, and of other major fnancial issues affecting the fiscal heal�h of the city. Findings 1. The amount of �nancial infannation cities arid the Caunty make avai�able on their respective public websites varies widely, ranging from a minimum of just tk�e current year's bndget to the �ast �en years of both Car�pr�hensive Axinual �i�ancial Reports (CAFRs) a.rid Approved Annual Budgets. 2. Gavernrnent accounting systems anc� financYa] statemEnts provided to the public are complex and not readily understandable to the average citizen trying to assess the financial �ealth of their ci#y ar County. 3. Four cities (Brisbane, Colma, Pacifca, and Po� Valley) did not have 2010 CAFRs posted to their websites as of March 11, 2dl l, aImost nine months after the close of the �sca� year. 4. AIl cities and the County had Unreserved General Fund �alances {reserves} consistent with GASB 34 recommended standards goin� into the recession, ar�d have managed through the Jast three years in a way that maintained reserves an June 30,20i0 that were still above those minimum levels. 5. All cities and the County maintained GASB 34 minimuxr� recozxzz�ezaded Ievels of reserves, whether or no� they had city council approved policies requiring maintenance of defined levels of reserves. 6. Some city policies are written to apply to "reserves" and not explicitly to the unreserved camponent of them as recomrz�ended by GASB 34. This allows for inelusion of funds not available for discretionary spending. 7. All cities compiied with their own po�icies {where policies existed) froxn 2(}07-10 with respect to reserves, even in those £ew cases where those palicies required higher levels than those recoznmended by GASB 34. 8. Confusion as to how go�vernnlents categor�zed an� intezpreted what portion of fund balance was available for discretionary spending led to develapment of a new GASB 54 standaz effective for a�l fina.ncia] staterrients after 7une 30, 20� 1, w�iicY� provides more structure and �9