The Popular Annual Financial Report (PAFR) is a summary of the financial activities of the city’s funds as reported in the Annual Comprehensive Financial Report (ACFR). The ACFR is an audited document and is prepared in conformance with generally accepted accounting principles (GAAP).
To conform with GAAP (generally accepted accounting practices), the ACFR must include the city’s component units and the presentation of individual funds in much more detail, as well as full disclosure of all material events, financial and non-financial.
Unlike the ACFR, the PAFR is not an audited document and it does not include details by fund nor does it include the other disclosures required by GAAP. Therefore, the PAFR is not intended to present a complete financial picture of the city in accordance with GAAP.
This report is a reflection of our effort to keep you informed about how your tax dollars are being spent in a simple, non-technical format.