The Comprehensive Annual Financial Report (CAFR) is prepared in accordance with the generally accepted accounting principles (GAAP) in the United States of America established by the Government Accounting Standards Board.
The CAFR is presented in three sections:
The CAFR includes all funds of the city. This report includes all government activities, organizations and functions for which the City is financially accountable.
The criteria used in determining activities to be reported within the city's basic financial statements are based upon and consistent with those set forth by the Governmental Accounting Standards Board. Based upon these criteria, the Economic Development Corporation is included as discretely presented component units.