The Annual Comprehensive Financial Report (ACFR) complies with the financial reporting model developed by the Governmental Accounting Standards Board (GASB) Statement 34. 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.
These statements have been prepared using the accrual basis of accounting versus the modified accrual method used in the fund financial statements. A reconciliation report is provided as the key to understanding the changes between the two reporting methods. In addition, this reporting model includes an emphasis on the City's major funds as shown in the Governmental Fund Statements.
Management's Discussion and Analysis
These statements combined with other information are further analyzed in a narrative section called Management's Discussion and Analysis (MDA). The MDA provides "financial highlights" and interprets the financial reports by analyzing trends and explaining changes, fluctuations and variances in the financial data. In addition, the MDA is intended to disclose any known significant events or decisions that affect the financial condition of the City.
Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the City. The information is accurate and is reported in a manner designed to present fairly the financial position of the City.