Tag Archives: David Sundstrom

PRESS RELEASE – For Immediate Release

For further information contact: David Sundstrom, 714.834.2456

January 5, 2011

“Orange County Auditor-Controller David Sundstrom Releases the OC Citizens’ Report”

(Santa Ana, CA) – The Auditor-Controller’s office has just released its Annual OC Citizens’ Report.
This is the eighth year the report has been published. The County has received the prestigious Award for
Outstanding Achievement in Popular Reporting for the past seven years from the Government Finance Officers
Association. This report presents financial highlights for the County of Orange, California for the fiscal year
(FY) ended June 30, 2010 and provides a high-level summary of information contained in the County’s
Comprehensive Annual Financial Report (CAFR).

The CAFR, which contains detailed financial information, is intended for in-depth users of financial
reports such as financial analysts and bond rating agencies. According to Mr. Sundstrom, “the OC Citizens’
Report was developed to be easily understood by non-accountants.” He also adds that “this report should help provide the transparency in government that the public deserves.”

Here are highlights of the County’s financial activities during FY 2009-10:

• Total net assets increased by $139 million, or 3% as compared to last year.
• A total of $93 million of bond obligations were retired, including $63 million of bankruptcy related debt. However, this was offset by issuing $233 million of revenue bonds related to the expansion of the John Wayne Airport.
• As of the end of the fiscal year, the County’s governmental funds, which are primarily supported by tax and grant revenue, reported combined ending fund balances of $1.7 billion, an increase of $2 million, or less than 1% in comparison with the prior year.
• At June 30, 2010, unreserved fund balance in the General Fund was $6.4 million, or less than 1% of total FY 2009-10 expenditures and transfers of $2.6 billion.
• General Fund revenues and transfers ended the year 5% below budget.
• General Fund expenditures and transfers ended the year 8% below budget.

The OC Citizens’ Report and CAFR documents are available for viewing on the Auditor-Controller’s
website at Financial Statements – Orange County California. For more information about the OC Citizens’
Report or to obtain a copy, please contact Claire Moynihan at (714) 834-7480 or by email at
claire.moynihan@ac.ocgov.com.

###

ORANGE COUNTY AUDITOR-CONTROLLER
HALL OF RECORDS
12 CIVIC CENTER PLAZA, ROOM 200
POST OFFICE BOX 567
SANTA ANA, CALIFORNIA 92702-0567
(714) 834-2450 FAX: (714) 834-2569
www.ac.ocgov.com

SHAUN M. SKELLY
CHIEF DEPUTY
AUDITOR-CONTROLLER
JAN E. GRIMES
DIRECTOR
CENTRAL ACCOUNTING OPERATIONS
WILLIAM A. CASTRO
DIRECTOR
SATELLITE ACCOUNTING OPERATIONS
PHILLIP T. DAIGNEAU
DIRECTOR
INFORMATION TECHNOLOGY