Marco Island City Council Receives Comprehensive Annual Financial Report (CAFR)

At the Marco Island City Council meeting held on Monday, May 2, 2022, the Finance Director Guillermo Polanco presented the Comprehensive Annual Financial Report (CAFR) for fiscal year 2021. The financial audit of the City’s records was performed by the Certified Public Accounting firm of Mauldin & Jenkins, LLC. According to Mauldin & Jenkins, “We have issued an unmodified audit opinion which is the highest form of assurance we can render with regard to the fairness of financial information on which we are opining.”

The CAFR encompasses the entire financial operations for City government. It serves as a valuable tool for assessing the City’s fiscal health and for long-term financial planning. Florida Statutes require each municipality to have an annual financial audit of its accounts and records. To satisfy this requirement, the City finance team produces the CAFR in conformity with generally accepted accounting principles and submits the report for an audit by a firm of independent licensed certified public accountants.

City Council Chairman Erik Brechnitz said, “Because of the financial controls and the conservative financial management we’ve had, we are one of the few communities on planet Earth that has a Triple A Bond Rating. We can all be very thankful that there has been great work done by the Council before us, and this Council as well.”

In 2021 Fitch Ratings assigned the City of Marco Island a ‘AAA’ Long-Term Issuer Default Rating (IDR). The AAA IDR reflects the City’s consistent maintenance of healthy general fund reserves and a low long-term liability burden. Fitch acknowledged that the City’s general fund unrestricted fund balance has consistently exceeded the City’s reserve policy of 25% of total spending. The AAA rating reflects the values of the City and its residents, and is in keeping with the City Council’s goal of providing City services in a cost-effective and efficient manner.