A quick scan of Fullerton’s CAFR

Item #2 on tonight’s city council agenda is the Comprehensive Annual Financial Report (CAFR) for the City of Fullerton and its related component units for the fiscal year ended June 30, 2016. The recommendation by the Administrative Services Department is to “receive and file” it.

But we think it deserves — and needs — more exposure, so we’re making it easy for you to access. It’s a large document to download (200 pages, 30 MB) but you can read it (or download it if you choose) by clicking here.

We asked our friend and contributor Marc Joffe, who is Director of Policy Research at the California Policy Center, to give it a quick scan. This is his response:

“I scored Fullerton using the system I introduced in my recent article in The Fiscal Times.  The score in 2015 was 85. In 2016, it dropped to 79.”

“The main issue was a drop in the general fund balance due to the 2016 deficit. Actuarially Determined Pension contributions as a percentage of total revenue rose from 6% to 7%. I don’t think the city is doing a good job of controlling costs – especially salaries and benefits. I still consider this to be AAA credit quality.”

More to come on Fullerton’s finances . . . .

 

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