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RESOLUTION NO. R2022343A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF HOLLYWOOD, FLORIDA, AMENDING THE FISCAL YEAR 2022 ADOPTED BUDGET, AUTHORIZING YEAREND BUDGETARY TRANSFERS AND ADJUSTMENTS
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A Comprehensive Annual Financial Report (CAFR) is a set of financial statements for a government entity that provides detailed information about its financial activities, including a summary of financial condition, results of operations, cash flows, and a comparison of budgetary information.
Typically, local and state governments, as well as certain other public entities, are required to file a Comprehensive Annual Financial Report, in order to promote transparency and accountability in the use of public funds.
To fill out a CAFR, entities must collect financial data from various departments, include detailed notes and schedules, ensure compliance with applicable accounting standards, and compile this information into a structured format that consists of an introductory section, financial section, and statistical section.
The purpose of a CAFR is to provide a complete and transparent overview of a government entity’s financial position, performance, and cash flows, facilitating informed decision-making by stakeholders such as citizens, government officials, and investors.
A CAFR must report financial statements including the balance sheet, income statement, cash flow statement, notes to financial statements, and a comprehensive statistical section that presents demographic and economic data about the entity.
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