The Comprehensive Annual Financial Report (CAFR) presents the financial position and results of operations of the various funds of the city. These financial statements are prepared and presented in conformity with accounting principles generally accepted in the United States of America (GAAP), as prescribed in pronouncements of the Governmental Accounting Standards Board (GASB).
The (CAFR) is a detailed presentation of the City's financial position and activities for the fiscal year and is organized in four main sections:
- The Introductory Section includes a financial overview and organization charts for City government.
- The Financial Section includes the independent auditor's report, management's discussion and analysis, audited basic financial statements and notes, and the underlying combining and individual fund financial statements and supporting schedules.
- The Statistical Section contains selected economic, financial trend, and demographic information on a multi-year basis.
- The Compliance section has independent auditor's reports on compliance and internal control.
The City has received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) of the United States and Canada since 1988.