DATE: March 1, 2016
TO: Board of Supervisors
SUBMITTED BY: Vicki Crow, C.P.A.
Auditor-Controller-Treasurer-Tax Collector
SUBJECT: Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2015
RECOMMENDED ACTION(S):
TITLE
Receive and file the County of Fresno Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2015.
REPORT
ALTERNATIVE ACTION(S):
There is no viable alternative as the CAFR is submitted in compliance with Government Code Sections 25520 and 25253.
FISCAL IMPACT:
There is no fiscal impact associated with this action.
DISCUSSION:
The County of Fresno's CAFR is provided for your review in compliance with Government Code Sections 25250 and 25253. The preparation of the 2015 CAFR required the implementation of two Governmental Accounting Standards Board (GASB) pronouncements (GASB No.'s 68 and 71) that significantly impact the presentation of the Government-wide and Proprietary Fund financial statements. Note 2 of the Notes to the Financial Statements provide an overview of the basis of financial statement presentation for the Government-wide and Fund Financial Statements (page 28).
The primary objective of the first pronouncement, GASB No. 68, was to improve accounting and financial reporting for pensions. The pronouncement requires the Net Pension Liability (NPL) of the County for defined benefit pensions be measured as the portion of the present value of projected benefit payments to current active and inactive employees that is attributed to those employees' past periods of service (total pension liability), less the amount of the pension plan's fiduciary net position. It should be noted that this pronouncement decouples pension funding requirements from pension expense recognition and pension liability measurement. The annual funding contribution will still be determined based upon an actuarial study whereas the recognition of pension expense and pension liability are n...
Click here for full text