February 2012 home page

Bucks Up
Teresa McBroome | City of Del Mar


At its January Finance Committee meeting, the City of Del Mar’s financial auditor presented the City’s audited financial statement results for the fiscal year ended June 30, 2012, which the Finance Committee reviewed before presentation to the City Council. The financial results were positive for the City where the City’s top three General Fund revenues increased in comparison to the previous fiscal year. Property taxes increased $119,524 over the previous year due to increases in assessed property valuations. Transient Occupancy Tax (TOT) increased $100,779 compared to the prior fiscal year and sales and use tax increased $76,988 compared to June 30, 2011. Due to conservative budgeting and careful budget management, expenditures for the year were $856,094 under budget. The General Fund’s revenues exceeded expenditures by $393,696 resulting in an ending fund balance of $4,379,978.


Graph courtesy the City of Del Mar


In addition to presenting the City’s financial results, the auditor reported on the City’s audit results. The auditor found the City’s accounting records to be in order, well maintained, and in accordance with government accounting standards. He further stated that the City’s financial statements are fairly stated in all material respects and that he was issuing an opinion without qualification which is a “clean opinion”. The auditor also reviewed the City’s internal control structure and found that there were no findings such as material weaknesses or significant deficiencies to report. The City prepared a Comprehensive Annual Financial Report (CAFR) and submitted it to the Government Finance Officers’ Association (GFOA) under their CAFR award program for the Award for Excellence in Financial Reporting which the City has received the last 16 years. The auditor was extremely complimentary about the quality of the City’s accounting reports, and with the fact that the Finance Department staff managed to prepare the entire CAFR without the need for outside consultants. He stated that the CAFR was the very highest standard of financial reporting, and it was very uncommon for a city the size of Del Mar to be able to accomplish this feat. The CAFR and audit results will be presented at the February 4, 2013 Council meeting for acceptance and the CAFR will be available on the City’s website for viewing.



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