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Santa Clarita In Great Financial Shape

The City has once again received an unqualified (“clean”) audit opinion on its financial statements, most recently for the financial statements for the fiscal year ending on June 30, 2004. These statements present the results of the City’s operational activities for the year and it’s ending financial position.

Each fiscal year, the City engages an independent public accounting firm to provide an audit of the City’s financial statements. These statements are included in the Comprehensive Annual Financial Report (CAFR), which is now complete and was presented to the City Council at the January 11, 2005 City Council meeting.

The recently completed audit reveals an ending fund balance of $35.15 million in the City’s general fund, which is the chief operating fund of the city. This balance represents a total $8.19 million increase over the prior year. “This increase is a positive indicator of the health and strength of the financial condition of the City. We are in a unique position among cities in California because we have been so careful with our budget,” said City Treasurer Darren Hernández.

As a result of the City’s stance on controlled spending during the year, the general fund balance increased by over 30 percent and ended the year with an additional $10.2 million in the unreserved portion of the fund balance. This unreserved portion of the ending general fund balance amounts to $23.11 million and represents resources available for spending at the City’s discretion. The remaining $12.04 million of the total $35.15 million general fund balance is reserved for advances, encumbrances, and prepaid items.

In addition to decreased operating expenditures during the year, increases of 10 percent in general fund tax revenues and 50 percent in vehicle license and permit fee revenues contributed over $5.6 million to the general fund balance increase. Increases in these particular areas confirm the positive effects of continued economic development and increased retail activity occurring within the City.

The Comprehensive Annual Financial Report is prepared according to guidelines established by the Government Finance Officers Association as well as The California Society of Municipal Finance Officers. The City’s Comprehensive Annual Financial Report has received certificates of Achievement from both organizations for the past fifteen years.

“We believe that the decisions you make in times of economic prosperity are more important than the decisions you make in times of fiscal constraint. This report illustrates that we are fiscally conservative and strategically cautious with the City’s finances,” said Mayor Cameron Smyth.

For more information about the City’s Comprehensive Annual Financial Report logon to the City’s website at or call administrative services at 661-255-4920.

Santa Clarita In Great Financial Shape

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