In accordance with Utah State Code, each year the Provo City finance department compiles a Comprehensive Annual Financial Report (CAFR) which is audited by an independent accounting firm and contracted by the Provo Council.
What is the CAFR?
A Comprehensive Annual Financial Report (CAFR) is a set of US government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB).
Provo’s 2013 CAFR, which accounts for the fiscal year ending June 30, 2013, was recently accepted by the Council in a resolution (link) issued at the December 17, 2013 Council Meeting. The report was reviewed by accountants from the auditing firm of Hansen, Bradshaw, Malmrose, & Erickson.
In 2012 Provo was awarded a certificate of excellence in annual financial reporting for the CAFR, as well as excellence in the Popular Annual Financial Report (PAFR), a simplified version of financial reporting. Both the 2013 CAFR and PAFR have been submitted for awards, but results will not be known until spring of 2014.
What does this mean for me?
The Comprehensive Annual Financial Report is an opportunity to assess your elected officials and yourself as a voter as you review how city funds have been used during the last fiscal year. By reading and reviewing the CAFR, you can become informed and educated about the financial position of the city, increase your ability to make decisions about the future of Provo, offer comment and advocate your positions, and share your views with other like-minded neighbors.
For more information on the Utah State Code, see Title 10, Chapter 6 Annual financial reports -- Independent audit reports. (Link).