NCJ Number
227355
Date Published
2009
Length
144 pages
Annotation
This Comprehensive Annual Financial Report of the City of Fremont, CA for fiscal year ended June 30, 2008, contains an independent auditor's report, basic financial statements, supplementary information, and a separate statistical section.
Abstract
The total assets of Fremont exceeded its liabilities at the close of the most recent fiscal year by $902,941,000 (net assets). Of this amount, $43,467,000 (unrestricted net assets) may be used to meet the City's ongoing obligations to citizens and creditors without constraints established by debt covenants, enabling legislation, or other legal requirements. The City's total net assets increased by $66,852,000 as a result of actions by the City Council and City Manager that minimized costs and controlled spending, somewhat improved revenues, and the receipt of significant capital grants related to specific projects. As of June 30, 2008, Fremont's governmental funds reported combined ending fund balances of $304,806,000, an increase of $2,000,000 compared with the previous year. The City's total capital debt decreased by $10,300,000 due to annual debt service payments. No new debt was issued in fiscal year 2007/08. The City's basic financial statements consist of governmentwide financial statements, fund financial statements, and notes to the financial statements. The accompanying Required Supplementary Information section is not a required part of the basic financial statements, but is supplementary information required by the Governmental Accounting Standards Board of the United States. Procedures consisted primarily of inquiries of management regarding the methods of measurement and presentation of the Required Supplementary Information. The Statistical Section presents detailed information as a context for understanding what the information in the financial statements, note disclosure, and Required Supplementary Information says about the City's overall financial health.