What is a CAFR?

CAFR - Comprehensive Annual Financial Report

The Comprehensive Annual Financial Report is prepared in conformity with accounting principles generally accepted in the United States (GAAP) and audited in accordance with generally accepted auditing standards and government auditing standards by a firm of licensed certified public accountants. The objectives of financial reporting are to:

  1. Fulfill a government’s duty to be publicly accountable to its constituents
  2. Evaluate operating results for the year
  3. Assess the level of services provided
  4. Assess the entity's financial position
  5. Disclose restrictions and risk or potential loss of revenue sources

The Comprehensive Annual Financial Report is released in late spring, or early summer, after completion of the annual audit. CAFRs are available online since fiscal year 2003.

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1. What is the city’s Adopted Budget?
2. What is a Fiscal Year?
3. What is an ad valorem tax?
4. What does a North Miami Beach property owner pay in taxes?
5. What is a mill?
6. What is the millage rate?
7. How many full-time employees work for the City?
8. For purposes of the City’s budget, what does debt mean?
9. What does debt service mean?
10. What is a fund?
11. What is an Enterprise Fund?
12. What is a Self-Insurance Fund?
13. What is the Capital Improvement Program (CIP)?
14. What is a capital project?
15. What does GAAP and GASB stand for?
16. What is a CAFR?