City of Cathedral City, CA

11/30/2023 | Press release | Distributed by Public on 11/30/2023 17:48

Cathedral City’s Discover Digest

Within six months of the close of each fiscal year (June 30th), state law requires the City of Cathedral City to publish a complete set of financial statements presented in conformance with Generally Accepted Accounting Principles of the United States of America (U.S. GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. Prepared by the Finance Department according to Municipal Code, Section 2.12.040, this report is referred to as the City's Annual Comprehensive Financial Report (ACFR).
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 all 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 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 U.S. GAAP.
Lance, Soll, & Lunghard, LLP, a statewide firm of licensed certified public accountants, 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 conducted this fall, we anticipate the independent auditors will conclude there is a basis for rendering a favorable opinion of the City's financial statements as of and for the year ended June 30, 2023.
The City works to actively ensure we can continue providing vital community services. During periods of potential uncertainty, the City monitors to mitigate the potential for economic volatility and the associated risk of a downturn in our economy, it is essential we grow our General Fund's "Savings Account", which is formally known as our fund balance. As a result, under the direction of the City Council effective July 1, 2014, the City's Fund Balance ("Savings Account") Policy was amended to establish specific goals for our savings account:
Under the policy, the City must maintain a minimum fund balance of 33% of its annual general fund operating budget. By the year 2020, the City's goal was to grow its fund balance to 50% 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 to this community.
During fiscal year 2022/2023, we were fortunate to receive some unexpected one-time monies providing for the City to exceed our General Fund Balance or "Saving's Account" 50% target. The City generated revenues in the amount of $70,463,576 and incurred expenditures in the amount of $67,915,349 resulting in a net surplus of $2,548,227. At the end of fiscal year on June 30, 2023, the City's General Fund savings account ended with a balance of $39,276,889 or 58% of our General Fund Annual Operating Budget, exceeding City Council's 50% "Savings Account" target. Here's to a healthy, safe and prosperous new (fiscal) year through June 30, 2024 for the City of Cathedral City and the residents we serve.

CCFD Invites Residents to Pancake Breakfast and Open House on Sunday, Dec. 3, 2023

Join the Cathedral City Professional Firefighters Association and Fire Department for a delicious pancake breakfast on Sunday, December 3rd from 8AM-10AM at Fire Station 2 & Fire Administration, 32100 Desert Vista Road, Cathedral City.

Snow-Fest at North Pole Village Returns to All-Day Saturday Event in Downtown Cathedral City on Dec. 9, 2023

Cathedral City's Snow-Fest, presented once again by Comfort Air, is returning to an all-day event from 1-8 p.m. on Saturday, Dec. 9, 2023. The annual event captures all the holiday spirit and places it at one event with holiday music, Santa and Mrs. Claus, a holiday tree lighting ceremony, food, train rides, real snow, and much more! "North Pole Village" … Read more

Pancake Breakfast and Open House

December 3
Cathedral City Professional Firefighters Association and Cathedral City Fire Department is inviting you to our Pancake Breakfast and Open House Sunday, December 3rd, 2023 8 AM to 10 AM at Fire Station 2 & Fire Administration 32100 Desert Vista Road, Cathedral City We are excited for the Community to come out and meet your local firefighters and enjoy a hearty …

Fall Prevention Symposium

December 8
FRIDAY, DECEMBER 8 English, 1-2 p.m. Spanish, 2-3 p.m. CATHEDRAL CITY SENIOR CENTER 37171 W. Buddy Rogers Ave., Cathedral City Staying active is essential to good health as we get older. But our risk of falling and fracturing bones or suffering a traumatic brain injury increases. Join us for this FREE event to hear all about Fall Prevention from Desert …

North Pole Village at SnowFest

December 9
Snow-Fest, scheduled from 1-8 p.m. on Saturday, Dec. 9, 2023, captures all the holiday spirit and places it at one event with holiday music, Santa and Mrs. Claus, holiday tree lighting ceremony, food, and a free movie at the Mary Pickford Theatre. "North Pole Village" comes to life in front of City Hall - all lit with holiday lights. It …

Dinner with Patsi - December

December 20
Join Dinner with Patsi at El Portal Mexican Restaurant, on Wednesday, December 20th, between 5 pm-8 pm.
Phone (760) 202-6685. Located at 32235 Date Palm Drive, Cathedral City, CA 92234.
They will also collect food items for the Cathedral City Senior Center Food Bank.

The Perez Art District's Fourth Fridays

December 22
The Perez Art District's highly anticipated Art Walk occurs on 4th Fridays @ 4pm. This is an immersive experience for art enthusiasts and the local community alike. The Art Walk offers a unique chance to witness the creative process across a variety of disciplines, including painting, sculpture, photography, and mixed media. Conveniently located at 68845 Perez Rd in Cathedral City, California, …

Yoga at the Amphitheater

January 23, 2024
Yoga at the Amphitheater is a free community event series sponsored by the City of Cathedral City. It offers two types of yoga classes: gentle yoga for beginners and power yoga for more advanced practitioners. The classes are held every Tuesday morning from January 23rd to March 26th at the Cathedral City Community Amphitheater.

Taste of Jalisco

February 2 - 4, 2024
Save the date to celebrate the sights, sounds, and tastes of the state of Jalisco, Mexico at the 8th Annual Taste of Jalisco Festival presented by Agua Caliente Casinos, to be held February 2 - 4, 2024, in downtown Cathedral City. This annual celebration honors the 27-year sister city relationship between Cathedral City and Tequila, Jalisco (Mexico) through culture, cuisine, music, and fashion.