Annual Comprehensive Finncial Report (ACFR)

ANNUAL Comprehensive FINANCIAL REPORT (ACFR)

The ACFR is the city’s complete accounting of "net worth" and the official annual report of a government. It became mandatory by Federal requirement for all local governments in 1978 to complete a ACFR each year. The ACFR is a statement of revenues and expenditures for all funds and also includes changes in fund balance, both budget and actual (for government fund types); changes in retained earnings (for proprietary funds); and changes in financial position (for proprietary funds). The ACFR includes a comparison of budget to actual, which usually will show how well the budget was followed during the year.

COMPREHENSIVE ANNUAL FINANCIAL REPORTS