4 - City of Cerritos

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Honorable Mayor and Members of the City Council City of Cerritos Cerritos, California Page 2 In accordance with Government Auditing Standards, we have also issued our report dated December 1, 2011 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis, General Fund budgetary comparison schedule, and schedules of funding progress be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s financial statements as a whole. The accompanying supplementary information, as listed in the table of contents, is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and is derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. The Introductory and Statistical Sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on them. Caporicci & Larson, Inc. A Subsidiary of Marcum LLP Certified Public Accountants Irvine, California December 1, 2011 2
CITY OF CERRITOS, CALIFORNIA Management’s Discussion and Analysis Year Ended June 30, 2011 As Management of the City of Cerritos, California (City), we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2011. We encourage readers to consider the information presented here in conjunction with the accompanying letter of transmittal at the front of this report, and the basic financial statements, which follow this section. FINANCIAL HIGHLIGHTS The City’s assets exceeded its liabilities at June 30, 2011 by $334.8 million. This amount is referred to as the net assets of the City. Of this amount, $173.3 million is invested in capital assets net of related debt, $45.5 million is restricted and $116.0 million is unrestricted. The unrestricted amount may be used to meet the City’s ongoing obligations to citizens and creditors. The City’s net assets decreased $3.4 million, expenses exceeding revenues by this amount. This decrease is mainly attributable to the mandatory payment of $2.4 million to the State of California for the City’s share of the Supplemental Educational Revenue Augmentation Fund (SERAF). Governmental funds for the City reported combined fund balances of $146.4 million. Of this amount, $102.0 million is nonspendable, $35.1 million is restricted by external parties, $14.2 million has been assigned by City management and negative $4.9 million unassigned further reduces the City’s governmental funds combined fund balance. As of June 30, 2011, the unassigned fund balance of the General Fund, the City’s chief operating fund, was $71.1 million, or 103.1% of General Fund expenditures. This unassigned fund balance is available for future appropriation. OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements, which consist of three components: 1) government-wide financial statements, 2) fund financial statements and 3) notes to the basic financial statements. This report also contains supplementary information in addition to the basic financial statements. Government-wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to a private-sector business. The Statement of Net Assets presents information on all of the City’s assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. 3
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CITY OF CERRITOS Required Supplemen
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City of Cerritos Combining Balance
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City of Cerritos Capital Assets By
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4 - City of Cerritos

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