San Mateo County revenues increased by $224 million in FY 2020-21, primarily due to one-time federal grants received to help address COVID-19, according to the Annual Comprehensive Financial Report (ACFR).
The ACFR includes the audited financial statements of the county's operations for the last fiscal year, while also available is the county's FY 2020-21 financial highlights publication, known as the People's Annual Financial Report (PAFR), which summarizes key financial information in more detail and is easier to understand.
"It is a priority for me and my team to provide transparent information that is easy to read so taxpayers and residents can learn about the county's finances. These two annual reports help us do that," said Comptroller Juan Raigoza.
Notably, in the FY 2020-21 report, county government revenues increased by $224 million, or 10 percent, to end at $2.46 billion, while expenditures increased by $252 million, or 13 percent, to $2.18 billion.
Of this increased revenue, $203 million was from grants, primarily due to one-time Federal funding related to COVID-19. In addition, much of the increase in expenditures last year is due to costs incurred to respond to the pandemic.
Raigoza said residents can feel confident that the county's annual comprehensive financial reports are complete and in compliance with financial reporting requirements, since they consistently earn a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA).
Thus, the award received for the county's fiscal year 2019-20 ACFR marks the twenty-first consecutive year the county has earned this prestigious award. Meanwhile, the FY 2020-21 report will be sent to the GFOA for review, the Administrator's Office said in a statement.
"These awards demonstrate our commitment to providing quality financial reporting services year after year. I am grateful to the county departments and the Comptroller's Office staff for their dedication," Raigoza said.
The ACFR, financial highlights, as well as those on property taxes and other county reports are available for viewing at https://controller.smcgov.org/.
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