Annual Comprehensive Financial Report
Annual Local governments are required to annually produce and distribute an Annual Comprehensive Financial Report (Annual Report) to conform with generally accepted accounting standards established by the Government Accounting Standards Board. The Annual Report is a thorough and detailed presentation of the City’s financial condition, with financial activity for a fiscal year and its end of the year financial position.
Sections of the Report
The Annual Report contains three sections:
- Introductory section: Includes transmittal letter
- Financial section: Includes:
- Combining financial statements
- Fund financial statements
- Government-wide financial statements
- Independent auditor’s report
- Management’s discussion and analysis
- Notes to financial statements
- Required supplementary information
- Statistical section: Includes additional financial, economic, and demographic information
The data reported in the Annual Report encompasses all of the City’s programs and departments. A firm of licensed, certified public accountants audits the Annual Report’s financial statements.