FY15-16 Comprehensive Annual Financial Report
The Finance department has been diligently working for the past several months to complete the Fiscal Year (FY) 2015-16 financial audit and produce the comprehensive annual financial report (CAFR). Davis Farr, an independent CPA firm, has issued an unqualified (“clean”) opinion on the City of El Segundo’s financial statements for the year ending September 30, 2016.
This annual report consists of four parts – management’s discussion and analysis (MD&A), the basic financial statements, optional combining statements for non-major governmental funds, and required supplementary information. The MD&A discussion and analysis are intended to serve as an introduction to the City’s basic financial statements. The City’s basic financial statements are comprised of three components: 1) government-wide financial statements 2) fund financial statements and 3) notes to the financial statements. This report also contains supplementary information in addition to the basic financial statements.
June 5 is the kickoff meeting for the Ad-hoc Committee on the CalPERS Pension. The committee is made up of two Council Members, the City Manager, the Director of Finance, an executive or management representative from each department and a representative from each labor group.
- Learn more about the CalPERS pension system:
- how it operates and is structured;
- how it is funded;
- current & projected future City obligation;
- current employees’ obligation by bargaining unit.
- Understand the City’s current and long-term funding requirement and the factors that are driving the increases in the pension liability
- Discuss methods to financially prepare for future pension growth and be more cost effective in addressing the pension liability
- Identify strategic recommendations
- Present recommendations to City Council during strategic planning on August 8th or a subsequent City Council meeting.
Newly Licensed Businesses
- American Golf Corporation at 909 N Sepulveda Boulevard. American Golf is one of the most experienced and innovative operators in the golf industry today. As an owner, lessee, and manager of golf courses and country clubs for over 40 years, American Golf has the unmatched expertise to maximize any golf opportunity.
- Angela Elisabeth Portraits at 419 Main Street. The company serves clients with a custom styled photographic experience that is enriching and fun. Angela produces images that are communicative and reflective of your authenticity.
- Anytime Fitness at 630 N Sepulveda Boulevard. Opening soon! Grand Opening Membership Specials: Join today and take advantage of special grand opening membership pricing. Enrollment fee of only $1 offered to the first 100 members in June. Call to schedule a tour.
- BizHaus at 1730 East Holly Street. BizHaus puts a creative spin on community office spaces that serve as a workplace for entrepreneurs, startups, freelancers, and innovative companies. Exciting new tenants include the Law Offices of Carolyn J. Epstein, Digital Video Syndicate LLC, Group 11 Advertising, Moreno Venture Investment Properties, Inc, and Progressive Consulting, Inc.
- Otis & Lucy, Inc at 129 Arena Street, sells durable, functional and adorable retail pet toys.
- Aether Films at 118 Sierra St, Unit D. designs and operates a comprehensive variety of remote controlled camera-rigs for filming.
- Blackout and Rally at 150 Sierra St, is owned by Rob Lopez who is composer of original music for media.
In compliance with Proposition 218 and City Ordinance No. 1501, water rates were increased effective July 1, 2017. Customers were informed of the rate increase in a letter mailed out this month.
On a separate yet related note: last month’s outreach to customers regarding “how to pay for your water bill” resulted with the city’s water customers enrolling in the following payment methods:
- 10% auto-pay (auto debit)
- 20% online payments
We will continue the reach out to customers and invite them to automate their payments. The goal is to achieve 70% of the customer to use either auto-pay or online payments by the end of this calendar year.