Where the Annual Budget is the road map for the City’s accounting, the Annual Comprehensive Financial Report (ACFR) is the final destination…it’s the actual statement of revenue and expenditures. It explains the financial position and results of operations of the City as measured by the financial activity of its various funds and account groups. The ACFR is created to give readers a full understanding of the City’s financial affairs.
The ACFR is presented in three sections: introductory, financial and statistical. The introductory section includes a transmittal letter, the City’s organizational chart and a list of principal officials. The financial section includes general purpose financial statements and schedules, the independent auditor’s report, and the notes to the financial statements. The statistical section includes selected financial and demographic information on a multi-year basis.
As part of its system of checks and balances, the City also contracts with an independent auditor to review the financial statements contained in the ACFR.