PAFR Popular Annual Financial Report

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Presentation transcript:

PAFR Popular Annual Financial Report

Do not need to be an accountant to understand! What is a PAFR? Presents condensed financial data in easily understandable manner Unaudited and presented on non-GAAP basis Information derived from CAFR Designed for the general public Purpose To encourage and assist state and local governments to extract information from their comprehensive annual financial report to produce high quality popular annual financial reports Specifically designed to be readily accessible and easily understandable to the general public and other interested parties without a background in public finance Program participants benefit from access to technical material specifically designed to help them comply with program requirements. Participants in the program profit from a thorough confidential review of their PAFR. (Transparency) Recognize individual governments that are successful in achieving that goal. The Popular Annual Financial Reporting Awards Program allows the public finance profession a welcome opportunity to recognize those governments that have succeeded in preparing a high quality popular annual financial report. Do not need to be an accountant to understand!

Promotes the preparation of high quality financial reports Background Popular Annual Financial Report The GFOA established the Popular Annual Financial Report (PAFR) program in 1991 Why is it called “Popular”? Definition: Suitable to common people; easy to comprehend Promotes the preparation of high quality financial reports Participants include state and local governments of various types and sizes

Reasons for Issuing a PAFR Educate our community on your financial position Report on annual bond, capital and override expenditures Showcase accomplishments Summarize most requested information

Award Opportunity Popular Annual Financial Reporting Awards Program encourages local government to prepare and issue a high quality PAFR. Must have received GFOA’s Certificate of Achievement for Excellence in Financial Reporting for the prior year’s CAFR Or receive it in the current year, if not received in the prior year Submit your prepared PAFR to GFOA for consideration Reviewed by peers across the country GFOA website has list recent award winners: http://www.gfoa.org/downloads/PAFR_AWARDS.pdf

For more information: Karin M. Smith, MBA (602) 277-9449 x327 karins@heinfeldmeech.com