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Each year an independent audit of the City is conducted in conformity with generally accepted auditing
standards (GAAS). The auditor expresses an opinion on the fairness of the presentation of the financial position and the results of operations of the basic financial statements in conformity with generally accepted accounting
principles (GAAP). The financial statement audit for the 2016/17 fiscal year has been completed by White Nelson Diehl Evans LLP, which reflects an “unmodified”, or clean, opinion that the City’s Comprehensive Annual Financial Report is presented fairly.
The Comprehensive Annual Financial Report reflects the results of the budgetary process and the strategic decisions made and implemented during the fiscal year. Total revenues (including transfers in) for the General Fund amounted to $48,786,141, which includes $2,525,908 associated with three months of Measure HH revenue from the one-cent transactions and use (i.e. “sales”) tax that became effective April 1, 2017. Without Measure HH, the General Fund’s operating deficit for Fiscal Year 2016/17 would have been $778,588. Measure HH expenditures consists of the utilization of funds in the fiscal year to maintain existing services and amounts to $778,588. The remaining balance of Measure HH funds represents the unexpended amount that was deposited into the City’s Budget Stabilization Reserves.
The Comprehensive Annual Financial Report can be accessed online at http://www.fountainvalley.org/ArchiveCenter/ViewFile/Item/166.