Finance Performance

A benchmark is a standard or measure used to analyze the allocation, risk, and return of a given portfolio. The S&P 500 index is often used as a benchmark for equities, while U.S. Treasuries are used for measuring bond returns and risk. The Average rolling 90-Day Treasury Bill rate is the benchmark used to evaluate the performance of the City’s investment portfolio. Due to the length of the weighted average maturity of the City's investment portfolio, the portfolio's yield will typically be below the benchmark in a period of rising interest rates.



*FY 2023 Forecasted

BUDGET AWARD RECEIVED

GFOA established the Distinguished Budget Presentation Awards Program (Budget Awards Program) in 1984 to encourage and assist state and local governments to prepare budget documents of the very highest quality that reflect both the guidelines established by the National Advisory Council on State and Local Budgeting and the GFOA's best practices on budgeting and then to recognize individual governments that succeed in achieving that goal. To earn recognition, budget documents must meet program criteria and excel as a policy document, financial plan, operations guide, and communication tool.

ACFR AWARD RECEIVED

The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program (ACFR Program) in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare Annual Comprehensive Financial Reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal. The goal of the program is not to assess the financial health of participating governments, but rather to ensure that users of their financial statements have the information they need to do so themselves.

QUARTERLY REPORT PUBLISHED TIMELY

Interim financial reporting is not currently governed by any set of Generally Accepted Accounting Principles (GAAP). The Finance Department follows standards established by the American Institute of Certified Public
Accountants in compiling quarterly financial statements. Timely delivery of these reports keeps the data relevant and useful for purposes of management evaluation. Timely delivery is considered to be within two Council meetings of closing the quarters financial entries.

"UNQUALIFIED" AUDIT OPINION RECEIVED

The Annual Comprehensive Financial Report (ACFR) is prepared by the Finance Department. The combined financial statements and related notes are audited by an independent firm. This audit satisfies Article 4, Section 4.26 of the City Charter, which requires an annual audit of all books and accounts of each and every department and activity of the City by a Certified Public Accountant selected and employed by the City Council. Since GASB 34, the independent auditors express an opinion on each major reporting unit (fund).

*FY 2023 Forecasted

A rainy day fund is a reserved amount of money set aside, especially by a government, to be used during a time of revenue shortfalls or budget deficits in order for typical operations to continue.



*FY 2023 Forecasted

In investment, the bond credit rating represents the credit worthiness of corporate or government bonds. The ratings are published by credit rating agencies and used by investment professionals to assess the likelihood the debt will be repaid.



*FY 2023 Forecasted