Glendora Presents Its Comprehensive Annual Financial Report

Glendora CA

20 January, 2021

9:30 PM

Description

Press release from the City of Glendora: January 20, 2021 For Immediate Release For further information contact Greg Morton, Digital Media Specialist(626) 852-4823 | (626) 224-1776 GLENDORA PRESENTS ITS COMPREHENSIVE ANNUAL FINANCIAL REPORT DOWNLOAD THE PRESS RELEASE On January 12, 2021, the City Council received a presentation on the City's Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2020. The presentation highlighted how the City of Glendora successfully navigated the unprecedented impacts of COVID-19 and ended the year fiscally strong, by cutting back on many expenses without reducing services to the Community. Many creative solutions were implemented during the pandemic including business assistance loans, rental assistance grants, parklets for local restaurants, waiving of late fees, establishing a virtual City Hall, and implementing significant homeless mitigation efforts. Ending fiscally strong started with the good news of the September 2019 issuance of Pension Obligation Bonds resulting in annual savings of over $1 million ($31 million over 25 years). In addition, Measure E achieved its purpose by providing revenues that maintained existing services levels, and providing the revenues needed to reserve over $2.6 million for future capital projects (e.g. roads, sidewalks, technology, facility improvements). Due to lower expenditures, CARES Act funding, and revenues performing better than expected, the City was also able to maintain 45% Emergency Reserves in the General Fund and set aside $1.6 million for the pension stabilization fund. The efforts of the community to pass Measure E were critical in maintaining service levels. And the issuance of the Pension Obligation Bonds was a strategic step in mitigating pension costs for years to come. "The City of Glendora continues demonstrate good stewardship of its financial resources and is following through on its promises to the community. We are proud to receive these reporting awards and will continue to maintain our transparent and progressive financial communication with residents of Glendora," said Mayor Michael Allawos. The City of Glendora's Finance Division has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) of the United States and Canada for the City's Comprehensive Annual Financial Report (CAFR) for Fiscal Year 2018-19. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting. "Completing the financial audit with a clean opinion from the auditors and receiving the awards from GFOA are a reflection of the quality and dedication of the Finance team," said Administrative Services Director/City Treasurer, June Overholt. The City has received this Achievement for 19 years, representing a significant accomplishment by a government and its Finance function. In addition, the City of Glendora received its first award from GFOA for the first ever Popular Annual Financial Report (PAFR) for Fiscal Year 2018-19. The PAFR report is intended to summarize key information from the CAFR in a more easily readable format. Both the CAFR and PAFR for Fiscal Year 2019-20 have been submitted to GFOA for award. This press release was produced by the City of Glendora. The views expressed here are the author's own.