Latest news with #AnnualComprehensiveFinancialReport
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
Water Replenishment District Receives Certificate of Achievement for Excellence in Financial Reporting for 21st Consecutive Year
LAKEWOOD, Calif., July 2, 2025 /PRNewswire/ — The Water Replenishment District (WRD) has once again been recognized for its commitment to financial transparency, accountability, and reporting. The Government Finance Officers Association (GFOA) has awarded WRD the Certificate of Achievement for Excellence in Financial Reporting for its 2024 Annual Comprehensive Financial Report (ACFR). This achievement marks the 21st consecutive year WRD has received this prestigious award, which is the highest form of recognition in governmental accounting and financial reporting. Established in 1945, the GFOA's Certificate of Achievement for Excellence in Financial Reporting Program encourages state and local governments to exceed the minimum requirements of generally accepted accounting principles. The award recognizes agencies that demonstrate a commitment to transparency and full disclosure through comprehensive, clearly presented financial reports. 'I am proud of WRD's longstanding dedication to financial excellence and transparency, reflected in over two decades of this recognition from GFOA,' said WRD Division 2 Director and Chair of the Finance & Audit Committee, Robert Katherman. 'Responsible budget management and high-quality groundwater stewardship are at the heart of our mission. We look forward to upholding these standards for many years to come as we continue to protect our region's vital water resources.' This achievement underscores WRD's commitment to sound fiscal practices and the integrity of its accounting team. To view WRD's current and past Annual Comprehensive Financial Reports, please visit our website by clicking here. The Water Replenishment District is the regional groundwater management agency that protects and preserves the quantity and quality of groundwater for two of the most utilized urban basins in the State of California. The service area is home to over ten percent of California's population residing in 43 cities in southern Los Angeles County. WRD is governed by a publicly elected Board of Directors which includes Joy Langford., Rob Katherman, John D. S. Allen, Sergio Calderon, and Vera Robles-DeWitt. Contact: Angelina MancillasAmancillas@ 275-4231
Business Wire
2 days ago
- Business
- Business Wire
Gravity Unveils New Brand Identity as It Prepares to Launch the Next Generation of Financial Disclosure Reporting
MIAMI--(BUSINESS WIRE)--Gravity, the fastest-growing disclosure automation company in North America, today unveiled a bold new brand identity that reflects the company's momentum and vision for the future of government finance. As governments face increasing pressure to modernize outdated financial systems, the demand for efficient, compliant, and transparent reporting has never been higher. The rebrand includes a refreshed look, a new domain, and signals the company's expansion into a broader product portfolio designed to reshape how governments manage financial data. More than 230 governments across 40 states rely on Gravity to prepare their most visible and scrutinized financial documents. Purpose-built for the public sector, Gravity enables teams to reduce Annual Comprehensive Financial Report (ACFR) preparation time by up to 85%, streamline audit readiness, and eliminate the rework and risk that come with manual processes. With an industry-leading retention rate, Gravity is becoming the long-term partner of choice for finance leaders who are ready to move beyond spreadsheets and establish a robust, connected reporting process. 'This rebrand is more than a new visual identity—it's a reflection of who we've become as a company and the impact we're making,' said Cheryl Stookes, Chief Marketing Officer. 'Our customers are telling stories of transformation. And now, we're stepping forward with a brand that matches the strength of our platform and the clarity of our mission.' The next phase of Gravity's platform is shaped by the needs of modern government, guided by deep customer partnerships, and powered by new AI capabilities, transforming how finance teams work and how governments engage the public. Developed in collaboration with leading agencies and audit experts, our upcoming portfolio strengthens planning, budgeting, and disclosure with smarter automation, real-time compliance, and greater accessibility. This evolution positions Gravity as the central platform for finance teams striving to meet rising expectations for transparency, accountability, and performance. 'We're not just speeding up reporting—we're rethinking how it's done,' said Tyler Davey, Chief Executive Officer of Gravity. 'Public finance teams have been expected to hit higher standards with outdated tools. We're changing that, and our growth is proof that the market is ready.' Gravity's platform spans ACFRs, budget books, CIP planning, lease and debt management, and more—all powered by its proprietary Multidimensional Financial Data Model (MDFM). With deep roots in disclosure and an integrated approach across the full financial cycle, Gravity is defining the category of connected financial management for the public sector, linking data, processes, and outcomes in a way that legacy systems or point solutions simply cannot. 'Our approach combines human and industry expertise with AI automation to reimagine and simplify the full scope of public finance,' said Harish Pandian, Chief Product Officer. 'We're building a connected platform that enhances judgment, accelerates workflows, and gives teams the control they need from planning through publication.' About Gravity Gravity is the only platform purpose-built to automate and connect the full scope of public sector financial reporting. From ACFRs to budget books and compliance disclosures, Gravity helps governments reduce manual work, accelerate audit readiness, and publish with confidence. With over 230 customers across over 40 states, Gravity defines the category of connected financial management—bringing together data, processes, and public trust. To learn more, visit
Chicago Tribune
4 days ago
- Business
- Chicago Tribune
Chicago ended 2024 with a $161M deficit
Mayor Brandon Johnson's already gaping budget hole will be even tougher to fill heading into next year as City Hall officials on Monday closed the book on the 2024 fiscal year, showing the city's general fund was $161 million underwater. Major sources of revenues in the city's general fund came in far lower than anticipated, most notably a $175 million pension payment that City Hall wanted Chicago Public Schools to pay back but didn't, and a $165 million drop in personal property replacement taxes from the state. In all, general fund revenues in the $16.77 billion budget were $378 million lower than the city expected. Those hits essentially drained the city's 'unassigned fund balance' — a slice of reserves that have helped deflect some big budget hits. The city's overall reserve balance at the end of 2024 stood at more than $1 billion, down from a high of $1.94 billion at the end of 2022 when the city was flush with federal pandemic relief dollars. The biggest drawdowns on those reserves were to make extra pension payments designed to keep the four major pension funds afloat and reduce payments in the long term. Although city budget officials argued the balance in those reserves was on par with what it was before the pandemic and that the city still had plenty of cash on hand, ratings agency Fitch warned earlier this year that the city has a 'dwindling cushion' in its overall reserves. 'Even in the face of extraordinary financial pressures, we stayed focused on making critical investments in our people and our communities to lay the foundation for the long-term fiscal stability of our city,' Johnson said in a release that touted his $1.25 billion housing and economic development plan and other community development grants. 'This year's ACFR reflects not only the realities of our current financial landscape but also our commitment to putting people first.' 2024 expenditures were $217 million lower than projected, helping stem the tide of last year's revenue underperformance. 'General government' costs were about $400 million below projections, including a much smaller subsidy for paying down other debts. Chief Financial Officer Jill Jaworski said those 'significant reductions' in spending were 'very effective.' Those savings were, however, undercut by $207 million in additional public safety costs that have plagued Chicago's budget year after year. City officials said overtime costs at the Chicago Police Department and big court settlements were the main drivers. The figures were released Monday by City Hall officials as part of the Annual Comprehensive Financial Report, or ACFR, which is the final tally of expenditures and revenues from the previous year that the city publishes every summer. Johnson's budget team briefed reporters and members of the City Council on the figures Monday afternoon, a kickoff to the fall budget season. In detailing the city's finances, the City Hall leaders were optimistic CPS would reimburse the city for last year's $175 million pension payment for nonteacher staff. The proposed payment by CPS was controversial as former CPS CEO Pedro Martinez said it was financially imprudent for the school district, an opinion that hastened his eventual departure. Current CPS leadership is 'being realistic about what their actual budget gap is, and it does recognize this commitment toward' the payment to the pension fund, budget director Annette Guzman said. Macqueline King, the district's interim leader who took over for Martinez, tacked on that pension cost when announcing the district's roughly $730 million deficit last week. The city hopes to largely offload 'entanglement' costs as CPS moves further away from mayoral control. 'We are the only city in Illinois who pays for the pension contributions for non-employees,' Jaworski said. 'It's a significant cost to us and it's one that we don't control.' The city's revenue shortfall was expected, said Ald. Pat Dowell, chair of the City Council's Finance Committee. She praised the city for controlling costs when it anticipated the shortfall and improving its pension standing. Work on the city's next budget is well underway, she said, touting an effort to bring down police and fire costs by getting more sidelined personnel back to work. Aldermen are already exploring several new revenue streams to help fill what Johnson has hinted would be a deficit of more than $1 billion, including light pole advertising, higher towing and storage rates, and efforts to authorize video gambling terminals within city limits. Johnson's budget team on Monday previewed a study they plan to release next month showing that the benefits of introducing the gambling machines to city bars and restaurants would be minimal at best and would likely in job cuts at the city's only casino, Bally's. While some aldermen and state legislators have pointed to the terminals as a relatively painless revenue source, opponents have argued that the change would cannibalize business at the city casino, where a portion of the revenues is dedicated to paying down police and fire pension costs. City officials said their outside study estimated the terminals would bring in, at most, just $200,000 in net revenues for 2026 and $12 million in 2027. Total gambling revenues could also fall, they estimated, on top of the city likely losing a guaranteed $4 million annual 'community payment' under their current agreement with Bally's. Hundreds of jobs at Bally's would also be cut, they said the study estimated. There were some silver linings in the briefings: through this May, expenditures in the city's corporate fund were $79 million lower than expected, while revenues were $79 million higher. And the city's four pension funds saw slight improvements, the report showed. In 2024, their combined 'funded ratio' — the percentage that compares the funds' total holdings against their total liabilities — was 26.2%, up from 24.8% the previous year. Across the four funds, however, the total unfunded liability was $35.8 billion, slightly down from last year when it was $37.2 billion.
Yahoo
02-05-2025
- Business
- Yahoo
SLED, Inspector General investigating state Treasurer's Office
COLUMBIA, S.C. (WSPA) — State Treasurer Curtis Loftis' office is under investigation by the state Inspector General's Office and South Carolina Law Enforcement a statement from the Treasurer Loftis, he said that he met with Inspector General Brian Lamkin and SLED Director Mark Keel after a Senate Finance Subcommittee hearing on March 27. Both Lamkin and Keel told Loftis they planned to investigate the State Treasurer's Office after a $1.8 billion accounting mistake was made, the statement said. 'I welcome this review and the opportunity to evaluate our actions independently,' a statement from Loftis reads. 'Claims that the Treasurer's Office participated in a deliberate effort to mislead the legislature are entirely without merit.' The problems started as the state changed computer systems in the 2010s. When the process was finished, workers couldn't figure out why the books were more than $1 billion out of whack. A fund was created to cover the accounting error and over the years more was added on paper to keep the state's books balanced. 'Despite claims by Senator Grooms, our office has fully cooperated with all state agency partners and independent audit firms since this matter surfaced, stemming from the former Comptroller General's $3.5 billion restatement in the 2022 Annual Comprehensive Financial Report,' Loftis said. Loftis first took office in 2010, and is currently serving his fourth term as the 'state's banker.' Despite past plans to retire after his fourth term, Loftis announced plans to run for reelection in 2026. 'Once the investigation concludes, I am confident the findings will reflect my office's integrity and diligence throughout this matter,' Loftis said. One of his arguments to stay in office was it wasn't fair to overturn the results of an election. Earlier this week, the Republican-dominated House has decided not to take up a resolution passed by the Senate to kick Loftis out of office because of his role in a phantom $1.8 billion account and the failure to report it to lawmakers for years. House Speaker Murrell Smith said there just isn't enough time to take it up before the session ends May 8. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
