For Immediate Release
Redwood City — San Mateo County Controller Juan Raigoza today released the Popular Annual Financial Report (PAFR) for fiscal year ending June 30, 2015. The PAFR boils down the details of the County’s financial picture documented in the much longer Comprehensive Annual Financial Report (CAFR) released earlier this month.
“The County’s finances are strong. In the near term the low unemployment rate, steady economic expansion, and local indicators such as the growing technology business sector and property tax base should allow the County to maintain its sound finances,” Raigoza said.
For fiscal year ending June 30, 2015, the County’s government-wide revenues totaled $1.61 billion and expenditures totaled $1.25 billion. Over 80 percent of total County expenditures went to three core services; 25.7 percent to public safety, 38 percent to health, and 16.9 percent to social services.
Along with the recently released Property Tax Highlights publication, which describes how properties in the County are taxed and how monies collected are distributed to local public agencies, the PAFR is another way the Controller’s Office works to make the County’s financial status transparent and understandable to the public. “Not every person is inclined to read the entire comprehensive financial report but the information it contains is important and needs to be accessible. The shorter PAFR is a straightforward way to review the past year’s financial results as well as recent economic and financial trends,” Raigoza said. The PAFR publication is available here.