Comprehensive Annual Financial Reports

Each year, all state and local governments prepare a financial report on assets, liabilities, revenues, and expenditures in more or less a standardized format that must conform to the Government Accounting Standards Board (GASB) accounting and financial reporting standards.  This financial report is called the Comprehensive Annual Financial Report.  Most people have heard of the budget, which is the document that plans and authorizes the spending of money.  The Comprehensive Annual Financial Report describes what actually was spent and the status of assets and liabilities at the end of the fiscal year.