City of Houston Office of the City Controller

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CONTROLLER COMPLETES 2010 FINANCIAL REVIEW

December 15, 2010 -- Houston City Controller Ronald Green has released the city’s 2010 Comprehensive Annual Financial Report (CAFR). The CAFR is 274 pages of financial data that amounts to a detailed statement about the City’s budget—where the money comes from (revenue) and where it goes (expenditures). Bond rating agencies rely heavily on the accuracy of a city’s annual financial report as they issue credit ratings.

The Controller’s Office works with all city departments in collecting and analyzing financial data from the fiscal year (July 1 through June 30). Additionally, the City’s debt service and investment portfolio are analyzed in the CAFR. The independent auditing firm Deloitte & Touche LLP audited the financial statements of all City activities; the signature of the independent auditor is the final step in the lengthy process of preparing the CAFR and is the assurance to the public that the document is accurate and in conformity with accepted accounting principles.

Under state law, the Controller is obligated to issue an annual financial report; the 2010 CAFR is dated November 30, 2010, about a month earlier than CAFRs from the last decade.

“The Comprehensive Annual Financial Report is a thorough overview of the City’s finances,” says Controller Green. “It gives a very good picture of just how large and complex our city is, and also offers a thoughtful summary of the city’s growth over the past decade.” The 2010 CAFR is the first for Controller Green, who took office in January 2010.

The CAFR’s introductory section contains an overview of the Office of the Controller, a profile of Controller Green and a Transmittal Letter from Controller Green to the Citizens of Houston, Houston City Council and Mayor that discusses the local economy and certain financial policies of the budgetary process.

The 2010 City of Houston, Texas, Comprehensive Annual Financial Report can be found on the Controller’s web site, www.cityofhouston.gov/controller; bound copies and CDs of the Report will be available December 18.