Town Of Moraga

Council Accepts Town's First Comprehensive Annual Financial Report

On January 8, the Town Council reviewed and accepted the Town’s first Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2013. The CAFR is a comprehensive statement of the Town’s financial activities. It is a significant improvement to the typical Basic Financial Statements as it provides a more complete and transparent view of the Town’s finances, including trends and historical data. The information in the CAFR also satisfies the annual Securities and Exchange Commission (SEC) disclosure requirements related to the recent $7.72 million Certificates of Participation supported by Measure K. The independent auditor, Maze & Associates, issued a clean opinion on the Town’s financial statements. The CAFR reports that the Town ended the year with a surplus of $386,462, exceeding its reserve target of 50% by $111,470. Consistent with Council policy adopted in 2012, the Council approved action to transfer the $111,470 in additional surplus from the General Fund to the Infrastructure Preservation and Improvement (IPI) Fund to be allocated at a future time for infrastructure needs.

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