Commentary
We’re nearing the end of 2024, and acquiring fiscal data for 2019 has been a challenging task.
There are currently no repercussions for delayed Annual Comprehensive Financial Reports (ACFRs) to be provided to a city’s residents. Given that homeownership is a significant investment for many Californians, it seems peculiar that publishing fiscal reports for those paying substantial real property taxes is not a higher priority.
Breaking down the 482 cities in California into manageable regions is a daunting task, especially for Central California, which comprises 78 cities north of the Southern California border and encircling the Bay Area counties in Caltrans’ District 4. This region includes the Gold Country counties below Sacramento and El Dorado, encompassing the top half of Areas 5, 6, 9, and 10.
The counties in this section of California and the number of unincorporated cities they contain are as follows: Alpine (0), Amador (5), Calaveras (1), Fresno (15), Inyo (1), Kings (4), Madera (2), Mariposa (0), Merced (6), Mono (1), Monterey (12), San Benito (2), San Joaquin (7), Santa Cruz (4), Stanislaus (9), Tuolumne (1), and Tulare (8).
Providing an accurate financial ranking for an area depends on the availability of all ACFRs. Therefore, a single city’s delay can impact an entire region. For instance, Amador City, with a population of a couple of hundred residents, has not audited its financial statements for years. On December 18, the city provided unaudited reports.
However, its annual fiscal reports did not adhere to ACFR preparation guidelines, making it a unique case in California.
Amador City, located in Amador County, with a population of 200 as of the 2020 Census, is the least populous incorporated city in California. It emerged as an official standalone city in 1915 and is the smallest city in California by area, covering just 0.3 square miles. It stands as the penultimate city to provide financial statement documentation.
Holly Groth, the Treasurer of Amador City, shared positive news about the most recent fiscal year in an email, stating that the financial statements for the fiscal year ending in 2024 are being audited and will be completed by the end of January.
Now, after five years, we finally have a complete listing for the region in 2019 and do not anticipate significant adjustments to the ACFRs. Let’s delve into the details.
Several cities in the region have made notable advancements in the rankings, which are detailed below. This information can help residents engage in meaningful discussions with their elected city council members.
Angels Camp in Calaveras County moved up 10 places, while Mammoth Lakes in Mono County rose by 14 places, showing significant improvements in their financial positions. Bishop in Inyo County and Jackson in Amador County also saw positive movements in their rankings.
Conversely, cities like Gonzales in Monterey County and Waterford in Stanislaus County experienced declines in their rankings due to various financial factors. Lemoore in Kings County and Tracy in San Joaquin County also faced setbacks in their financial standings.
Finally, cities like Ione in Amador County and Sutter Creek in the Gold Country saw significant decreases in their rankings, highlighting the diverse financial landscape across Central California.
The reason for dropping 11 places was due to a $5 million investment in capital assets. Del Rey Oaks in Monterey County reclassified over $4 million into restricted accounts, causing it to drop nine places. Its small population led to a decrease in per capita income, resulting in a drop of 10 places and placing it last. California is close to having all 482 cities complete their annual audits for the fiscal year ending June 30, 2019. However, waiting five years for this information is unacceptable. Please note that the opinions expressed in this article are those of the author and may not necessarily reflect the views of The Epoch Times.
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