During the October 2 regular meeting, City Council heard a favorable presentation from the City’s Auditor, Ty Holman of Haynie & Company. The Auditor is responsible for ensuring that the information reported in the City’s 2018 Comprehensive Annual Financial Report (CAFR) is accurate. The 2018 CAFR is a detailed presentation of the City’s financial condition as of December 31, 2018.
The comprehensive report is prepared by City staff and 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. The independent auditor is responsible for auditing these financial statements and is contracted by and reports to the City Council.
Finance Director Jodi Romero stated, “Our staff does an outstanding job of overseeing the City’s finances, including very close control of revenues and expenditures. 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. Receiving a clean report from the auditor isn’t something that just happens, it requires significant effort and I am incredibly pleased by this outcome.”
The Management’s Discussion and Analysis provides an overview of the City’s financial activities for 2018 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 $750.3 million at 12/31/2018 which is a $27.3 million or 3.8% increase over 2017 due to revenues exceeding expenses. This is a direct result of conservative budgeting, frugal spending, and an improving economy. The City invested over $17 million in capital projects in 2018. The General Fund’s unrestricted fund balance increased by 9.3% from 2017.
The City has received the Government Finance Officers Association Award for Excellence in Financial Reporting for 34 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 164 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.
Contact: Greg LeBlanc, Sr. Assistant to the City Manager 970-244-1557 or email@example.com