Local governments are required to annually produce and distribute a Comprehensive Annual Financial Report (CAFR) to conform with generally accepted accounting standards established by the Government Accounting Standards Board. The CAFR 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 CAFR 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 CAFR encompasses all of the City’s programs and departments. A firm of licensed, certified public accountants audits the CAFR’s financial statements.