The Finance Department prepares the Annual Comprehensive Financial Report (ACFR). An ACFR is a government’s financial statement that looks at long-term financial trends and goes beyond minimums established for public sector employees.
State law requires that cities with populations of 25,000 or more publish financial statements that conform to generally accepted accounting principles (GAAP). The report is audited in accordance with generally accepted auditing standards by the Washington State Auditor’s Office. In addition, the report is reviewed by the Government Finance Officers Association (GFOA), which has provided a yearly Certificate of Achievement for Excellence in Financial Reporting to the City since 2007.
The Popular Annual Financial Report (PAFR) contains extracted information from the City’s annual comprehensive financial report (ACFR) to produce a summarized financial document specifically designed to be easily understandable to the general public and other interested parties without a background in finance.