Transcript GFOAZ Winter Conference Prescott, AZ Wednesday, February

GFOAZ Winter Conference
Prescott, AZ
Wednesday, February 16, 2011
“Preparing an Effective
CAFR”
Michelle R. Kirby
City of Phoenix
G. F. O. A. Reporting Excellence
Program
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The Certificate of Achievement – prestigious
award, recognizing the highest standards of
governmental report preparation
Spirit of transparency and full disclosure
Comprehensive – include all funds and
component units, prepare in accordance with
GAAP
CAFR Review Process
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Submit to GFOA within 6 months of fiscal
year end
Special Review Committee – professional
service and exposure to practice
Checklist for General Purpose Governments
– extremely valuable tool
Suggestions and Comments for Improvement
What Makes an Effective CAFR?
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Discussed with several
local members of the
GFOA Special Review
Committee……here are
their thoughts…….
Common Findings in Recent Reviews
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MD&A – budgetary discussion includes funds other
than the General Fund
MD&A – not enough “analysis”
Pledged revenue disclosure missing or incomplete
Major categories of restricted net assets s/be
displayed on the face of the statements
Various issues w/presentation of investments,
ratings on investments, & disclosure of risk policy
(review GASB Stmt. #40)
Critical Elements
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Numbers should articulate between various
sections of the report
Complete and thorough Notes
MD&A – opportunity to explain what
happened during the year, avoid technical
language
Use the GFOA Checklist and perform your
own review….it really helps!
The Best CAFR’s ensure…..
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Readability and impact – font, page spacing,
professional attention to detail, consistency
Readability in PDF/Website viewing as well
as hardcopy
Section dividers, tabs, graphics to break up
the text and numbers
Going “above and beyond” to make it useful
and interesting to the reader
Speaking of Transparency….
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Have you heard of the
term “PAFR”???
Easily understandable
to the general public
Financial info from data
in the CAFR
Narrative or graphic
analysis for items of
interest or concern
Preparing an Effective CAFR
Thank you…..any questions???