During tonight’s regular meeting, City Council heard a favorable presentation of the City’s 2020 Comprehensive Annual Financial Report from the City’s Auditor, Ty Holman of Haynie and Company. The Comprehensive Annual Financial Report is a detailed presentation of the City’s financial condition as of December 31, 2020.
The report covers the City’s structure and services provided, independent audit results, budget process, economic factors that impact the City’s financial condition, a recap of major projects during the year, and a future outlook section.
Finance Director Jodi Welch notes, “The City of Grand Junction remains committed to providing high-quality services and investing in the future of the community. The City’s goal is to provide critical services in the long term while maintaining a sound financial position. Priorities shaping the future are economic development, public safety, investments in infrastructure, and planned growth and development. The City continues to foster strong community partnerships in the pursuit of these priorities.”
The independent auditor is contracted by and reports to the City Council. The City received an unmodified (“clean”) opinion that the December 31, 2020, financial statements are fairly presented in conformity with the General Accepted Accounting Principles and are free of material misstatement.
The Management’s Discussion and Analysis provides an overview of the City’s financial activities for 2020 and is followed by detailed financial statements including Statements of Net Position, Statements of Activities, Balance Sheets, Statements of Revenues, Expenditures, and Changes in Fund Balances for the many funds of the City’s operations, as well as notes to the financial statements.
The City’s net position (assets less liabilities) was $855 million at 12/31/2020, a $51 million increase from the 2019 report, which is a direct result of investments in annexations and capital construction, as well as the issuance of debt which will be expended in the coming years on transportation infrastructure.
At the end of 2020, the General Fund unrestricted fund balance (the total of the committed, assigned, and unassigned components of fund balance) was $29 million, or 37.3% of the total General Fund expenditures. The City invested $25.4 million in capital projects in 2020. These projects included street construction, development at Las Colonias and Dos Rios, a new fire station, and water line/water system replacements.
The City has received the Government Finance Officers Association Award for Excellence in Financial Reporting for 36 consecutive years. This program was established by the GFOA in order to encourage state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare financial reports that evidence the spirit of transparency and full disclosure. The award is the highest form of recognition in the area of governmental accounting and financial reporting.
The Comprehensive Annual Financial Report is a result of thousands of hours of staff time over a six-month period. The document is 190 pages and in conjunction with the financial information highlights one of the City’s and community’s noteworthy projects of the year. A copy of the report can be found on the City’s website at this link.
Contact: Greg LeBlanc, Sr. Assistant to the City Manager | 970-244 1557 or email@example.com