Written by The Business Journal Staff
The City of Fresno has completed its Comprehensive Annual Financial Report (CAFR) for the fiscal year which ended June 30, 2015. Among the more significant results is the independent auditor’s report which contains no mention of “going-concern,” the second consecutive unqualified opinion for city finances.
Total assets totaled over $3.4 billion for the first time in the City’s history while city revenues increased by 4.3 percent or $30.2 million in 2015, a total of $740 million.
Citywide liabilities decreased by $11.6 million.
And the city’s net pension asset balance was $326.7 million, making Fresno the only city among California’s 25 largest cities to have a pension surplus.
The report was prepared by the City’s Finance Department in conformance with current accounting and financial principles established by the Governmental Accounting Standards Board (GASB). The audit was completed by the outside accounting firm of Brown Armstrong, LLP.
“The City’s financial position has improved to the point where there is no longer any doubt about its ability to continue in a positive and financially stable direction,” said City Controller Michael Lima. “While we have made substantial progress, we must continue to follow the leadership set by the Mayor and City Council and stay committed to common sense fiscal policy and building our reserves.”
In addition to the results provided in the CAFR, the Finance Department reports that the Unrestricted Fund Balance for the General Fund will increase from $8.9 million to $15.7 million by the end of FY2016, but is still short of the goal of $25 million in reserves.
“We are building on the steady improvement we have seen since 2013, and it’s evident from our improved ratings outlook to our dramatic increase in job and wage growth,” said Mayor Ashley Swearengin. “This has been a long and difficult journey, and while it’s encouraging to see our efforts continue to bear fruit, we still have work to do to provide the lasting results our citizens deserve.”
The full Comprehensive Annual Financial Report was approved unanimously by the City Council Thursday and will be available for public review.