Town Of Moraga

Audited Financial Reports for FY2015-16

The Town Council reviewed the annual independent audit report of the Town’s financial statements at the December 14 meeting. The auditors have issued their opinion that the Town operated and reported financial activities in conformance with generally accepted accounting principles (GAAP) and the standards identified by the Governmental Accounting Standards Board (GASB) for the fiscal year ended June 30, 2016. Town unassigned reserves (funds available without use restrictions) as of June 30, 2016 were at 60.53% (or $4.1 million) of expenditures, an increase from 45.5% (or $3.1 million) in the prior year. It should be noted that the major expense for repair of the sinkhole at Rheem Boulevard and Center Street (approximately $3.2 million total) will have a significant impact to these reserves during FY 16/17.

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