The City’s Annual Budget & Financial Plan is produced by the Finance Department and is designed to serve four major purposes:
- Define policies in compliance with legal requirements for General Law cities in the State of California, including generally accepted financial reporting requirements, audit standards and fiscal directions of the City Council;
- Provide an operations guide for staff in the management and control of financial resources;
- Present the City’s financial plan for the ensuing fiscal year, itemizing projected revenues and estimated expenditures for the various funds; and
- Communicate and facilitate an understanding of the operations and costs of providing various City services to our residents.
The City’s fiscal year is the twelve month period from July 1 – June 30. Current and previous City Budgets are available below:
FY2020-21 Preliminary Budget – Balance Proposal
FY2020-21 Preliminary Budget & Financial Plan
FY2020-21 Council Consideration Items
FY2020-21 Council Consideration Supplement – LCF Sister Cities Association
FY2020-21 Preliminary Budget Recap
FY2020-21 Preliminary Undesignated Fund Use
FY2020-21 Preliminary Salaries Summary
The CAFR reports the City’s financial health as of the close of the fiscal year on June 30 of each year. The information in the CAFR is compiled by the Finance department and independently audited in order to ensure accuracy and transparency. The CAFR contains three sections:
- Introductory section, containing letters from both the City Manager and the Independent Auditor discussing the state of the City’s financial health;
- Financial section, containing reports on various aspects of the City’s financial health; and
- Statistical section, which provides historical information to put the preceding information into context.
Following the independent audit by an outside organization, the CAFR must be approved by the City Council.
Comprehensive Annual Financial Reports (CAFR):