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Within six months of the close of each fiscal year (June 30th), state law requires California government agencies publish a complete set of financial statements presented in conformance with Generally Accepted Accounting Principles (GAAP). These financial statements are audited in accordance with generally accepted auditing standards (GAAS) by a firm of licensed certified public accountants. Prepared by the City of Cathedral City's Financial Services Department, these statements are prepared according to Municipal Code, Section 2.12.040. The primary financial report is referred to as the City's Annual Comprehensive Financial Report (ACFR).
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This document consists of management's representations concerning the finances of the City. Responsibility for the accuracy of the data and the completeness and fairness of the presentation, including disclosures, rests with the management of the City. To provide a reasonable basis for making those representations, City management has established a comprehensive internal control framework (checks and balances) designed to both protect the government's assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City's financial statements in conformity with GAAP.
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Lance Soll & Lunghard, LLP, a statewide firm of licensed certified public accountants and auditing professionals, is the independent auditor of the City's finances. Each year, the goal of the independent audit is to provide assurance the financial statements are free of misstatement. The audit involves examining evidence supporting the amounts and disclosures in the financial statements for 50+ funds the City manages; assessing the accounting principles used, ensuring the legal and appropriate checks and balances are in place to minimize risk, and evaluating the overall presentation of the financial statements. Based upon the annual audit currently in process, we anticipate the independent auditors will conclude a basis for rendering a favorable opinion of the City's financial statements as of and for the year ended June 30, 2024.
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The City continues to actively ensure we are able to provide vital community services. During periods of potential uncertainty, the City tries to mitigate economic volatility and the associated risk of an economic downturn, it is essential we have sufficient reserves in our General Fund "Savings Account" formally known as Fund Balance. As a result, under the direction of the City Council, the City's Fund Balance ("Savings Account") Policy establishes specific goals for our savings account:
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Under the policy, the City must maintain a minimum fund balance of 33% of its annual general fund operating budget for the following purposes: (1) cash flow (50%); (2) economic uncertainties/volatility (40%); and (3) unplanned budget-related adjustments (10%). The purpose is to alleviate significant unanticipated budget shortfalls and to ensure the orderly provision of services to citizens in our community. During the closing activities for this fiscal year (2024/2025), we anticipate having a minimum fund balance of 40%+ of our annual operating budget for the upcoming fiscal year (July 1, 2024 through June 30, 2025).
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Cathedral City Fire & EMS Invites Community to Pancake Breakfast & Fire Prevention Open House on Oct. 12, 2024
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Cathedral City Fire & EMS warmly invites the entire community to our annual Pancake Breakfast and Fire Prevention Open House on Saturday, Oct. 12, 2024, from 8:00 AM to 11:00 AM. Join us at Fire Station 2, located at 32100 Desert Vista Road, Cathedral City, for a hearty breakfast featuring pancakes, bacon, and sausage complimentary for all … Read more
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Cathedral City's 8th Annual Halloween Spooktacular Returns to Downtown Cathedral City, Oct. 27, 2024
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The City of Cathedral City's annual Halloween Spooktacular, presented by State Farm Agent Phil Goodge, features trick or treating with more than 50,000 pieces of candy! This year's event will take place at Cathedral City Civic Center Plaza, 68700 Avenida Lalo Guerrero, from noon to 3 p.m. on Sunday, Oct. 27, 2024. Join friends, neighbors, and family …Read more
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S.C.R.A.P. Gallery to Host Real People, Real Climate, Real Change Exhibit, Sept. 13 - Nov. 17, 2024
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It's for real. S.C.R.A.P. Gallery invites you to journey through climate change with the exhibit "Real People, Real Climate, Real Changes" from Sept. 13 through Nov. 17, 2024. This family-friendly, participatory exhibit demonstrates how climate change is changing and how those changes affect people's lives around the country and the world. The exhibit, …Read more
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Coachella Valleys Battle in the Desert 2024
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October 19, 2024
Come watch the sport of amateur boxing at the Cathedral City Community Amphitheater in Downtown Cathedral City. Doors open at 4:00 pm 1st boxing match starts at approximately 5:00 pm For tickets, contact Jesus Gonzalez (760) 335-8895
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Quarterly Art Exhibit
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November 9, 2024
The Quarterly Art Exhibit in Cathedral City showcases a variety of artworks by talented local artists. This free community event takes place every three months, with each exhibit featuring new pieces to discover. Come out and support the arts while exploring the unique culture of Cathedral City.
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Cathedral City International Hot Air Balloon Festival
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November 22-24, 2024
The City of Cathedral City is excited to announce Agua Caliente Casinos, the award-winning premier destination for entertainment in the Coachella Valley, as the title sponsor for the 10th-anniversary event, which will take place Friday, Nov. 22 - Sunday, Nov. 24, 2024. The festival will feature live food truck vendors from Southern California, a beer and wine garden, tethered balloon rides…Read more
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