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Presentation of the audited 2023 Annual Comprehensive Financial Report
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Submitted by:
John Ruggini
Department:
Finance Department
A. Issue
As required by state law and governmental accounting rules, the City has compiled the 2023 financial statements. Assembled as an Annual Comprehensive Financial Report based on the Governmental Finance Officers Association requirements, the statements have been audited by Clifton Larsen Allen LLP. Representatives from Clifton Larsen Allen will review the financial results with the Committee and present any audit findings. A copy of the report is attached.
B. Background/Options
The Management Discussion and Analysis (MDA) section of the Annual Comprehensive Financial Report (ACFR) summarizes the 2023 financial results and will be presented in brief. The ACFR and specifically the MDA should be referred to for more detail.
Highlights from the financial statements include:
* The assets and deferred outflows of resources of the City of Wauwatosa exceeded its liabilities and deferred inflows of resources by $231,413,065 (net position) as of December 31, 2023.
* As of December 31, 2023, the City of Wauwatosa's governmental funds reported combined ending fund balances of $60,391,480. Of this balance, $19,681,590 is available for spending at the government's discretion (unassigned fund balance)
* At the end of the current fiscal year, $19,688,525 of unassigned fund balance for the general fund is equal to 27% of general fund expenditures and transfers out.
* The City's net Other Postemployment Benefit (OPEB) liability decreased by $4,566,173 to $36,618,430 as of December 31, 2023.
* Total governmental activities long term liabilities decreased $3,281,661 to $124,789,502 while business-type long term liabilities increased $522,395 to $55,479,665. Governmental activities long term liabilities decreased as $2.9 million of Municipal Revenue Obligations used for economic development were paid and no additional oblig...
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