Thursday, November 3, 2016

City FY15 CAFR Submitted


The City of Richmond’s Comprehensive Annual Financial Report (CAFR) for fiscal year (FY) ended June 30, 2015, was submitted on October 31, 2016. The external certified public accounting firm that audited the City’s basic financial statements rendered an unmodified opinion stating that the City’s financial statements are fairly presented and conform to Generally Accepted Accounting Principles. The FY15 CAFR also shows an increase to the unassigned fund balance of $4.6 million.

“Given the challenges that we have faced recently with timely reporting, it is affirming to have the CAFR again confirm our strong financial position and verify a surplus in operations for the Fiscal Year 2015,” said Mayor Dwight C. Jones. “I am more confident than ever in the personnel that we have assembled for our financial operations. Now that we have closed this chapter on FY15 with a clean opinion, we will be moving forward aggressively to have the FY16 CAFR completed as quickly as possible and to set future CAFR’s on track for consistent timely reporting.”

The mayor noted that the preparation of the FY15 CAFR report could not have been accomplished without the dedicated services of the entire staff of the City’s Department of Finance. The CAFR shows that the City has also exceeded its Fund Balance Guidelines, which require that the Unassigned Fund Balance reaches at least 10 percent of the General Fund expenditures. The Unassigned Fund Balance, as a percent of the Adopted General Fund Budget, is presently at 12.1%.  Given the healthy Unassigned Fund Balance and confirmed surplus, Mayor Jones has indicated that he is optimistic that any available resources can be invested in the city workforce.

The FY 2015 CAFR is available online at www.Richmondgov.com, http://www.richmondgov.com/Finance/documents/2015cafr.pdf