Government Agencies Should Develop a Financial Plan—Here’s How

Published on July 21, 2024

Commentary One of the fun components of reviewing annual comprehensive financial reports, which is a very time-consuming “hobby,” is when you see a trend that needs to be complimented. The ranking of Orange County’s 34 cities for the year ending June 30, 2023, was just released. When reviewing the rankings for the past seven years, there is a city that really stands out and sets itself apart as a fiscal success story. What do we find that is noticeable and worth talking about? The city of Newport Beach and its ascension in the rankings, compared to other cities in the county. The cities were ranked by their unrestricted net position (found in their annual comprehensive financial reports) divided by the population, providing a useful tool for demonstrating a city’s fiscal health. The negative balance sheets are shown below in parentheses, while the positive one is not....

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