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City Finances Improved Over Past Year, Report Shows

File photo.
File photo.
Glendora's financial health is in good standing, it was revealed last Tuesday, in the city's annual financial report.

Independent auditing firm Lance, Soll & Lunghard gave Glendora's finances an unqualified, or "clean" audit opinion on financial statements for the 2012-2013 fiscal year, adding that financial documentation and internal processes present the city's financial position in a fair manner, officials said.

An unqualified audit opinion is "the highest audit opinion possible," said Jill Taura, Glendora Financial Director/City Treasurer.

The details were revealed in the Comprehensive Annual Financial Report.

Glendora's net financial position improved during 2012-2013 by $3.2 million in excess of assets over liabilities, said Jill Taura.

General Fund revenues saw an increase of a little over $3.8 million for 2012-2013, with marked increases coming from the Real Property Transfer Tax (49.8 percent growth), Transient Occupancy Tax (31.2 percent growth) and Planning, Building and Engineering Fees (20.3 percent growth).

Infrastructure assets, such as streets, city buildings, parks, etc., equalled $111.3 million, Taura said.

The city also saw an increase of $493,000 after litigation with the County of Los Angeles regarding property tax administration fees from 2007, Taura said.

The CAFR is available digitally on the Accounting Management Page on the city's Finance Department webpage.

Next month, a mid-year review will be presented detailing operations in the first six months of the 2013-2014 fiscal year.

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