During the August 1 regular meeting, City Council heard a favorable presentation of the City’s 2017 Comprehensive Annual Financial Report (CAFR) from the City’s Auditor, Ty Holman of Haynie and Company. The CAFR is a detailed presentation of the City’s financial condition as of December 31, 2017.
The comprehensive report covers the City’s structure and services provided, independent audit results, budget process, economic factors that impact the City’s financial condition, a recap of major projects during the year, and a future outlook section.
City Manager Greg Caton stated, “This report really speaks to the sound financial status of the City – something that City Council as well as every Grand Junction taxpayer should be proud of. Our staff does an outstanding job of overseeing the City’s finances, including very close control of revenues and expenditures. Receiving a clean report from the auditor isn’t something that just happens, it requires significant effort from a very capable group of people. I am incredibly pleased by this outcome.”
The independent auditor is contracted by and reports to the City Council. The City received an unqualified (“clean”) opinion that the December 31, 2017 financial statements are fairly presented in conformity with the General Accepted Accounting Principles and are free of material misstatement.
The Management’s Discussion and Analysis provides an overview of the City’s financial activities for 2017 and is followed by detailed financial statements including Statements of Net Position, Statements of Activities, Balance Sheets, Statements of Revenues, Expenditures, and Changes in Fund Balances for the many funds of the City’s operations, as well as notes to the financial statements.
The City’s net position (assets less liabilities) was $723 million at 12/31/2017 which is a $16 million and 2.3% increase over 2016 due to revenues exceeding expenses. This is a direct result of conservative budgeting, frugal spending, and an improving economy.
Government activities such as public safety, public works, parks and recreation accounted for 84% of the increase in net position. Business-type activities such as water, sewer, and solid waste accounted for the remaining 16% of the increase in net position. The City invested over $17.6 million in capital projects in 2017. The General Fund’s unrestricted fund balance increased by 7% in 2017 over 2016.
The City has received the Government Finance Officers Association Award for Excellence in Financial Reporting for 33 consecutive years. This program was established by the GFOA in order to encourage state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare financial reports that evidence the spirit of transparency and full disclosure. The award is the highest form of recognition in the area of governmental accounting and financial reporting.
The CAFR is a result of thousands of hours of staff time over a six-month period. The document is 172 pages and in conjunction with the financial information highlights one of the City’s and community’s noteworthy projects of the year in the Las Colonias Amphitheater. A copy of the CAFR can be found on the City’s website at this link: https://bit.ly/2K8lKov
Contact: Sam Rainguet, Communications Manager 970-244-1507 or firstname.lastname@example.org