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TOWNSHIP COMMITTEE TOWNSHIP OF BARNEGAT OCEAN COUNTY 900 WEST BAY AVENUE BARNEGAT, NEW JERSEY 08005 SPECIAL BUDGET AND WORKSHOP MINUTES May 31, 2016, 6:30 P.M. CALL TO ORDER BY MAYOR JOHN J. NOVAK
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Gather all necessary financial information including income, expenses, assets, liabilities, and equity.
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Government entities such as cities, states, and federal agencies
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A Comprehensive Annual Financial Report (CAFR) is a set of financial statements that provide a thorough and detailed overview of a government entity's financial position, including its assets, liabilities, revenues, and expenditures.
Government entities, including state and local governments, and certain non-profit organizations, are typically required to file a Comprehensive Annual Financial Report to ensure transparency and accountability.
To fill out a Comprehensive Annual Financial Report, one should follow the reporting guidelines provided by the Government Accounting Standards Board (GASB), prepare the financial statements including the government-wide financial statements, fund financial statements, notes to financial statements, and the management's discussion and analysis.
The purpose of a Comprehensive Annual Financial Report is to provide a comprehensive overview of the government's financial condition to stakeholders, including government officials, citizens, investors, and creditors.
A CAFR must report information such as the government's financial position, results of operations, cash flows, notes to financial statements, and additional details about the economic outlook and management's commentary.
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