DATE: January 29, 2019
TO: Board of Supervisors
SUBMITTED BY: Oscar J. Garcia, CPA
Auditor-Controller/Treasurer-Tax Collector
SUBJECT: Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018
RECOMMENDED ACTION(S):
TITLE
Receive and file the County of Fresno Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2018.
REPORT
This item is countywide.
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 for the fiscal year ended June 30, 2018 is provided for your Board's review in compliance with Government Code Sections 25250 and 25253. The preparation of the 2018 CAFR required the implementation of four Governmental Accounting Standards Board (GASB) pronouncements. These new GASB Statements had no effect on the 2018 CAFR.
The CAFR reports (amounts presented in thousands) a net position of ($81,499) as of June 30, 2018, an increase of $207,006 from a net position of ($288,505) as of June 30, 2017 in the Government-wide Financial Statements.
The Governmental Funds Financial Statements report as of June 30, 2018, fund balance of $776,837, a decrease of $22,283 from fund balance of $799,120 as of June 30, 2017. Included in fund balance as of June 30, 2018 is the General Fund's fund balance of $205,617, a decrease of $5,823 from General Fund's fund balance of $211,440 as of June 30, 2017. As prescribed by GASB Statement No. 54, governmental funds report fund balance in classifications based primarily on the extent to which the County is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. Further detail of the reported fund balance classifications is provided in Note 14 - Fund Balance of the Notes to the Basic Financial Statements.
OTHER REVIEWING AGENCIES:
The CAFR and...
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