Temecula CAFR Analysis redline

Temecula CAFR Analysis redline -...

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Comprehensive Annual Financial Report Analysis City of Temecula, CA ` Yvonne Van Hoomissen January 22, 2011 ACC 434
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I. Introduction The city of Temecula, popularly translated “The Sun Shines Through the Mist”, is located in the Inland Empire region of Southern California, equidistant from San Diego and Orange Counties. (History, 2009) The 30.15 square miles are located ideally, with moderate climates compared to other parts of Inland Empire due to the ocean breezes which spill into the valley through the Rainbow Gap. (Demographics, n.d.) The wine industry thrives in Temecula, and it is commonly referred to as Wine Country. In 1989, the need for traditional governmental services drove its inhabitants to incorporate, becoming the twenty - first incorporated city of Riverside County. Temecula provides parks and recreation services to the many public parks in the city, as well as street lighting, slope maintenance, and refuse hauling. Since its inception in 1989, the city has grown by nearly 400%, with a population in 2008 of 101,057. (City of Temecula, 2009) In addition to being a great location geographically speaking, it is also one of the most prosperous in the region. This also makes it an attractive location for retailers. This, as well as its location between two prominent counties, has contributed to its growth. Also making it appealing, Temecula brags above-average educational performance, higher average incomes, and is considered to be one of Southern California’s safest cities. In fact, Relocate-America.com lists it as one of the top 100 places to live. The largest source of income for Temecula is sales tax, a great portion of which comes from the Promenade mall and surrounding commercial development as well as the Professional Hospital Supply. They maintain a very strong fiscal position and balanced General Fund Operations. As a matter of fact, at the end of 2009, The 2
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General Fund balance was $20 million greater than budgeted (see below). [good that you round numbers in narrative paragraphs] [This is a very helpful table for the reader, at least for a reader who likes to look at numbers; for the rest ot the reader population, this would be a very good fact to explain, to provide why they were so far under budget; for instance, they have made an effort to reduce expenses but why would the transfers out be so much lower than budgeted?] 2
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This paper is a summary of my review of the CAFR for the City of Temecula, to determine if it presents the data effectively and fairly in accordance with GASB standards. [good intro/purpose] II. The Consolidated Annual Financial Report (CAFR) for the City of Temecula is broken into three main parts, the introductory, financial, and statistical sections, beginning with a letter of Transmittal which explains to the reader the purpose and expectation of the financial reports contained within, as well as ensures of compliance with auditing standards (Wilson, Reck & Kattelus, 2009, P. 746).
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This note was uploaded on 08/01/2011 for the course ACCT 434 taught by Professor Mcclellan during the Spring '11 term at National.

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Temecula CAFR Analysis redline -...

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