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Home » Finance » Financial Reporting

Financial Reporting

Comprehensive Annual Financial Reports (CAFRs)

Comprehensive Annual Financial Reports (CAFRs) are produced to provide the Mayor, City Council, City staff, residents, bondholders and the general public with useful information about the City’s operations and financial position.

These reports are prepared by the City’s Finance Department in accordance with standards prescribed by the Governmental Accounting Standards Board (GASB), the Government Financial Officers Association of the United States and Canada (GFOA) and other rule-making bodies. The City is responsible for the accuracy, completeness and fairness of the data presented.

The City of Boulder's CAFR for the year ended Dec. 31, 2008, was awarded the GFOA Certificate of Achievement for Excellence in Financial Reporting. For 28 years, and this the 20th consecutive year, the City has received this award. The Certificate of Achievement is the highest form of recognition for excellence in state and local government financial reporting. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both Generally Accepted Accounting Principles (GAAP) and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current Comprehensive Annual Financial Report (CAFR) continues to meet the Certificate of Achievement Program's requirements and we have submitted it to the GFOA to determine its eligibility for another certificate.

Popular Annual Financial Reports (PAFRs)

The purpose of this report is to summarize and simplify the presentation of information contained in the Comprehensive Annual Financial Report (CAFR) of the City of Boulder. The city’s financial statements are prepared in accordance with generally accepted accounting principles and are independently audited by an external CPA firm. Much of the information in the audited financial statements is necessarily technical and complex. As a result, the full financial statements may not be particularly useful to the residents of the city who wish to better understand city government finances.

Over the last several years, state and local governments have begun issuing simplified financial reports. These are often referred to as "Popular Annual Financial Reports (PAFR)." These reports are intended to better inform the public about their government's financial condition, without excessive detail or the use of technical accounting terms.

This report summarizes and explains the information contained in the financial statements for the last fiscal year, along with other information on the city’s finances, in easily understood terms. This report represents the ongoing commitment of city officials to keep the residents informed about city finances, and to be accountable in all respects for the receipt and expenditure of public funds.

Please note: the information in the CAFR has not been updated for developments subsequent to the date of the independent auditors' report. Previous years’ CAFRs are available online for historical reference. Please note: the information in the following links is dated and for historical reference only.