The City of Fullerton has released its second Popular Annual Financial Report (PAFR) highlighting Fullerton’s revenues and expenses for Fiscal Year 2017-18.
The 10-page PAFR is a condensed version of the city’s 172-page Comprehensive Annual Financial Report (CAFR) released in December of 2018. While the CAFR is an extensive document covering a large amount of audited financial data, the PAFR is specifically designed to be readily accessible and easily understandable to the general public and other interested parties without a background in public finance.
“I am excited to present this document for the second year for the residents and stakeholders of the City and am confident that it continues to offer valuable insight into the City’s financial condition” said Director of Administrative Services, Michael B. O’Kelly, CPA. “Additionally, last year’s report was submitted to the Government Finance Officers’ Association (GFOA) for review by members of the GFOA professional staff and by outside reviewers with experience in governmental accounting and financial reporting as part of the GFOA’s Popular Annual Financial Reporting Awards Program. I am pleased to announce that last year’s report received the GFOA Award and I believe this new report meets the best practices and standards of the GFOA’s program and expect the PAFR will receive the award again this year.”
For Fiscal Year 2017-2018, the City of Fullerton’s total expenses were $181.8 million with 42% spent on public safety activities. Expenditures for the City’s general operating fund, the General Fund, were $89.9 million with revenues of $89.9 million, essentially resulting in a structural balance. . Looking forward, the Fiscal Year 2018-19 General Fund budget adopted by the Council in June, 2018 was structurally balanced while striving to maintain service levels in a period of rising pension costs.
This PAFR is created and designed to help stakeholders gain a better understanding of Fullerton’s financial status and to improve transparency and accountability with its residents.
The PAFR and CAFR can be found by visiting www.cityoffullerton.com/financialreports