What is the purpose of a Comprehensive Annual Financial Report or CAFR?
What is the purpose of a Comprehensive Annual Financial Report or CAFR?
The purpose of the Comprehensive Annual Financial Report (CAFR) is to provide accurate and meaningful information concerning the City’s financial condition and performance.
What does a CAFR include?
The CAFR consists of three sections: Introductory, Financial and Statistical. The Introductory section orients and guides the reader through the report. The Financial section presents the entity’s basic financial statements as well as notes to the statements and the independent auditors’ report.
What reports and schedules are included in the CAFR?
Contents of a Comprehensive Annual Financial Report (CAFR)…STATISTICAL Section (as modified by Statement 44)
- Financial Trends Information.
- Revenue Capacity Information.
- Debt Capacity Information.
- Demographic and Economic Information.
- Operating Information.
What financial statements are reported on a CAFR?
These reports include government-wide financial statements such as the Statement of Net Assets, providing the total net equity of the City including infrastructure and the Statement of Activities that shows the cost of providing government services.
How does a CAFR serve the public interest?
The foremost purpose of a CAFR is to provide financial transparency and thus, promulgate accountability. CAFR also serves the purpose of providing the general public with insights into how their elected officials manage public finances. CAFR essentially is a report-card of a city or a state.
What is the purpose of a CAFR?
The foremost purpose of a CAFR is to provide financial transparency and thus, promote accountability. When a city or state government issues bonds to fund public projects, CAFR provides insights into the financial functioning of the government, based on which investors can take an informed decision.
What is the difference between a CAFR and a budget?
Unlike a budget that provides a plan for a future fiscal period, a CAFR contains the actual results of the prior fiscal year’s financial activities (revenue, expenditures, changes in fund balances, liabilities, etc.).
What report is part of the financial section of a CAFR?
Financial section – includes the independent auditor’s report and contains management’s discussion and analysis, government-wide financial statements, fund financial statements, notes to the financial statements, required supplementary information, combining financial statements, and schedules.
What are the three sections of a Comprehensive Annual Financial Report CAFR )?
The Annual Comprehensive Financial Report (ACFR) is presented in three sections: Introductory, Financial, and Statistical.
What are the three sections of a Comprehensive Annual Financial Report CAFR )? What kind of information is contained in each section?
Guide to Understanding CAFR There are three main section in a CAFR book: introduction, financial section and statistical section. The introduction section primarily guides a reader through the report with a table of contents for various sections and often includes a transmittal letter from the entity executive.
What is a CAFR called now?
GASB Changes Name of Report to “Annual Comprehensive Financial Report” Norwalk, CT, October 19, 2021—The Governmental Accounting Standards Board (GASB) today issued a pronouncement that changes the name of the most extensive report prepared following its standards to the annual comprehensive financial report or ACFR.
What are the 3 major sections of the CAFR?
The Annual Comprehensive Financial Report consists of three sections: Introductory, Financial and Statistical. The Introductory section orients and guides the reader through the report.
What is the CAFR for New York State?
2020 oprehensie Annual Financial Report11 September 30, 2020 To the Governor, the State Legislature and the People of New York State: I am pleased to present the Comprehensive Annual Financial Report (CAFR) for the New York State and Local Retirement System (the System or NYSLRS) for the fiscal year ended March 31, 2020.
Where do I find the MD&A in the CAFR?
The MD&A can be found in the Financial Section immediately following the report of the independent auditors. I am proud that the System was awarded a Certificate of Achievement for Excellence in Financial Reporting from GFOA for its CAFR for the fiscal year ended March 31, 2019.
How to contact New York State and Local Retirement System?
Phone: 1-866-805-0990 New York State and Local Retirement System 518-474-7736 Web: www.osc.state.ny.us/retirement NYSLRS NYSLRS 110 State Street, Albany, New York 12244-0001 Office of the New York State Comptroller Thomas P. DiNapoli 12Introduction New York State and Local Retireent Syste
