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The City management is pleased to present the City's Comprehensive Annual Financial Report (CAFR) for the fiscal year ended September 30, 2016. Highlights of the City's financial report and condition are provided below.
Article VIII, Section 8.13 of the City Charter requires that at the close of each fiscal year, an independent audit shall be made of all accounts of the City by a Certified Public Accountant experienced in auditing cities. The City Charter further requires that the audit shall be completed on or before March 30th of each year and upon acceptance of the audit, a summary thereof shall be published immediately in a newspaper of general circulation in the City and copies of the audit report shall be placed on file in the City Secretary's Office as a public record.
The Management's Discussion and Analysis (MD&A) section of the CAFR presents a narrative overview and analysis of the financial activities of the City of Kyle for the fiscal year ended September 30, 2017. This analysis is intended to assist readers in focusing on key financial changes in the City's financial position and in identifying any significant variances from the approved budget.
We encourage the readers of the City's CAFR to consider the information presented in the Management's Discussion & Analysis (MD&A) section of the annual report in conjunction with additional information that we have provided in our letter of transmittal and the financial statements furnished in the report.
REPORT HIGHLIGHTS
- The independent auditors conducted their audit of the City's financial statements in accordance with auditing standards accepted in the United States of America.
- The City's independent auditors, Padgett Stratemann & Co., LLP, Certified Public Accounts, issued an unqualified or "clean" auditors' report on the City's financial statements for the fiscal year ended September 30, 2016. This is the highest level or best type of independent auditors' report that can be issued on the financial statements of governmental entities including city governments.
- Based on the independent auditors' examination and audit of the City's financial records, the auditors' report states "the financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Kyle as of September 30, 2016, and the respective changes in financial position, and where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America."
- The City's Statement of Net Position for all accounts and funds for the fiscal year ended September 30, 2016 reported $237.4 million in assets, $104.2 million in liabilities, and a net position totaling $137.3 million.
- The City's overall net position totaled $137.3 million as of September 30, 2016 which is an increase of $16.5 million or 13.7 percent as compared to the prior fiscal year.
- The ending fund balance for the City's General Fund at September 30, 2016 totaled $9.9 million. This is $0.5 million or 5.3 percent higher than the prior fiscal year.
- Revenue for the General Fund for fiscal year ending September 30, 2016 totaled $20.9 million from all sources including transfers-in (GAAP basis).
- Expenditures for the General Fund for fiscal year ending September 30, 2016 totaled $20.4 million incurred for public safety, public works, parks and recreation, permits and inspections, land planning and zoning, code enforcement, animal control, public library, municipal court, economic development, general government, and transfers-out (GAAP basis).
For detailed information, a copy of the transmittal letter from the City Manager and the Director of Finance to City Council is attached. A complete copy of the City's Comprehensive Annual Financial Report (CAFR) for the fiscal year ended September 30, 2016 is available on the City's website.
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