County Controller Releases Comprehensive Annual Financial Report
San Mateo County Controller Juan Raigoza today released for public review the Fiscal Year 2016-17 Comprehensive Annual Financial Report (CAFR), an exhaustive collection of the County’s audited financial statements, analysis, and statistics.
“The financial report explains where the County focuses its efforts in providing essential services,” Raigoza said.
The CAFR is used by management, citizens, and financial organizations to assess the County’s financial health. The CAFR’s Letter of Transmittal section provides citizens with a summary of the County’s key financial policies, economic and financial outlook, and long-term financial planning.
Once again, this year’s financial report received a clean opinion from independent auditors. This designation tells the public that the County’s financial statements are accurate, reliable, and transparent.
The report’s highlights include:
· The County’s total revenues in FY 2016-17 were $1.71 billion;
· The County’s total expenses in FY 2016-17 were $1.52 billion;
· 81 percent of total County expenditures went to three core services: 38 percent to health, 26 percent to public protection, and 17 percent to public assistance.
The report also mentions uncertainty in the County’s future revenues due to potential changes to the Affordable Care Act and the next cyclical economic slowdown.
“Although current property tax and Measure K revenues allow the County to invest in housing and other critical needs, it should exercise long-term fiscal discipline to weather any future revenue reductions. We are in one of the longest sustained economic growth cycles, but a recession is inevitable. We should prepare for it,” Raigoza said.
The complete CAFR is available online at https://controller.smcgov.org/document/2017-cafr