An Annual Comprehensive Financial Report is a set of financial statements for a state, municipality or other governmental entity that comply with the accounting requirements established by the Governmental Accounting Standards Board (GASB). It must be audited by an independent auditor using generally accepted government auditing standards.
The Annual Comprehensive Financial Report consists of three sections: Introductory, Financial and Statistical.
The Introductory section orients and guides the reader through the report. The Financial section presents the entity’s basic financial statements as well as notes to the statements and the independent auditors’ report. The Statistical section provides additional financial and statistical data, including data about financial trends that may better inform the reader about the government’s activities.
Since 2004 the City of Lomita has received the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for our Annual Comprehensive Financial Report.
The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program (Annual Comprehensive Financial Report 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 Government Finance Officers Association (GFOA), founded in 1906, represents public finance officials throughout the United States and Canada. GFOA’s mission is to advance excellence in public finance.
Annual Comprehensive Financial Reports (ACFR)
Ad Hoc Finance Committee
On October 15, 2012, the City Council adopted Resolution No. 2012-42 creating an Ad Hoc Finance Committee. The Ad Hoc Committee consists of the Mayor and Mayor Pro-Tem. The purpose of the Ad Hoc Finance Committee is to study the City’s annual operating and CIP budgets, periodically review investment, reserve and purchasing policies and make recommendations to the full Council on such issues.