Annual Comprehensive Financial Report (ACFR) Now Available

The City of Bellflower is committed to open and transparent management of public resources. As part of that commitment, the City has recently released its Annual Comprehensive Financial Report (ACFR) for the fiscal year 2023-24. This detailed report provides an in-depth look at the city's financial activities and operations, highlighting its commitment to transparency, fiscal responsibility, and long-term sustainability. The ACFR has been prepared in accordance with Generally Accepted Accounting Principles (GAAP) and offers a comprehensive overview of the city's financial position, including detailed financial statements, notes, statistical section and Management's Discussion and Analysis (MD&A). The report serves as a key tool for residents, investors, and policymakers to assess and monitor the City's financial health. Highlights of this year's report include the following:

• Increase in Net Position (Government-Wide): The City of Bellflower's net position increased $24.5 million, to $247.8 million. Of this amount, the unrestricted net position totaling $84.1 million increased $7.8 million over the past year reflecting a healthy financial outlook and prudent fiscal management.

• Healthy General Fund Balance: The City's General Fund reported an operating surplus of $11.6 million, resulting in the ending fund balance of $64.0 million.
• Reduced Debt Burden: As of June 30, 2024, the City had $22.9 million in outstanding long-term liabilities for governmental activities, a decrease of $2.6 million, or 10%, from the previous fiscal year.
• Increased Investment in Capital Infrastructure: The City invested $11.2 million dollars in infrastructure and capital improvement projects including streets and roads, park facilities and playgrounds, and public facilities. Trabuco Butterfly Garden Park, the newest addition to the City's park inventory, was also completed in fiscal year 2023-24.
• Clean Audit Results: The City of Bellflower received a clean audit opinion from its independent auditors, Moss, Levy & Hartzheim LLP, indicating that the City's financial statements are presented both fairly and accurately.
• Three Decades of National Recognition for Excellence in Financial Reporting: The City of Bellflower has received the Certificate of Achievement for Excellence in Financial Reporting for the past 30 consecutive years from the Government Finance Officers Association of the United States and Canada (GFOA). This national award recognizes governmental agencies' conformance with the highest standards for preparation of state and local government financial reports. The City's fiscal year 2023-24 ACFR continues to meet the program's requirements and an application has been submitted to the GFOA to determine the City's continued eligibility for this award.

The full ACFR is available for public viewing on the City's website at https://www.bellflower.org/departments/finance/financial_reports.php. Copies of the report are also available at Bellflower City Hall. The City of Bellflower remains dedicated to providing excellent services to its residents while maintaining fiscal responsibility and promoting community growth.