The City of La Mirada was recognized twice in August for the financial stability of the city’s finances. La Mirada was awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association and assessed as a low risk for major fiscal challenges by State Auditor Elaine Howle.
First, the City of La Mirada was once again recognized for its outstanding financial management by the Government Finance Officers Association of the United States and Canada (GFOA). The City has been awarded the Certificate of Achievement for Excellence in Financial Reporting for its comprehensive annual financial report, which is the highest form of recognition for excellence in state and local government financial reporting. The City has received this honor for 32 consecutive years.
The comprehensive annual financial report is judged by an impartial panel to meet the high standards of the program including demonstrating a constructive spirit of full disclosure to clearly communicate its financial story. Click here to review City of La Mirada – Public Financial Report.
Second, the City of La Mirada is in the top six percent of financially sound cities in California according to a recent assessment by State Auditor Elaine Howle. The city’s score was 92.71 out of 100 points and their statewide rank was 397 out of 423 cities (the higher number the better). La Mirada continues to have low risk for major fiscal challenges based on the auditor’s criteria.
The City scored well in categories including general fund reserves, debt burden, liquidity, pension obligations, pension costs, future pension costs, post-employment benefits obligations, and post-employment benefits funding.
La Mirada scored average in the pension funding category and scored low in revenue trends due to the sunset of the one percent Measure I sales tax on April 1, 2018. The information was gathered from the Fiscal Year 2019-2020, which is the most recent complete year of financial reports available. Click here for more detailed information from the assessment.
Source: City of La Mirada