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1. What is a CAFR?

A CAFR, or Comprehensive Annual Financial Report, is a set of financial statements that complies with the accounting principles set by the Government Accounting Standards Board (GASB). These reports are audited by an external firm to ensure accuracy and thoroughness. The CAFR outlines all financial investment and income records, net assets, revenues and expenses, cash and investment information, capital asset information, pension and benefit liability as well as debt information.

2. What is the difference between a CAFR and a budget?

The budget is a blueprint detailing expected revenue and projections on how it will be spent. The CAFR is a complete showing of all financial investment, expense and income records from all sources overall for the past years.

3. How often is the County audited?

The County is audited once a year by an external firm to ensure accuracy and thoroughness in its financial reporting. In addition to the outside firm, the County performs its own audits. Departments are reviewed once every six years, though changes in the department such as key staff turnover or significant changes in revenue or expense may necessitate a review. Internal control reviews are performed for process involving cash receipts, revenue recovery, accounts receivable, cash disbursements, revolving funds, purchasing and contract administration, trust and special department funds, payroll, and budgeting.