SMC Releases Comprehensive Annual Financial Report

From San Mateo County: 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.

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