Jun 23, 2017
The Denver Department of Finance has released its 2016 Comprehensive Annual Financial Report (CAFR) and 2016 Popular Annual Financial Reports (PAFR) for community members to learn about the city’s finances.
Released annually, the reports provide information about the City and County of Denver’s finances for the prior year, including revenues, expenditures, debt portfolios, and more. The CAFR provides in-depth information about the operations and financial position of the city, is prepared in accordance with accounting principles generally accepted in the U.S., and is audited by a firm of licensed certified public accountants. The PAFR includes condensed and simplified information from the CAFR and is unaudited.
“The Department of Finance strives to make the city’s finances as transparent as possible. We hope that residents take the time to familiarize themselves with the city’s financial position and learn more about how their taxes contribute to making this a world class city where everyone matters,” said Denver Chief Financial Officer Brendan Hanlon.
“The CAFR and PAFR offer residents a valuable resource for understanding the city’s financial position,” said Controller Beth Machann. “This year’s reports have a new look and feel than in years past. I think residents will find it to be more engaging and easier to read.”
The Government Finance Officers Association of the United States and Canada has awarded a Certificate of Achievement for Excellence in Financial Reporting to the city for its CAFR for 36 consecutive years. The Certificate of Achievement is a national award recognizing conformance with the highest standards for preparation of state and local government financial reports. Denver has received an award for its PAFR for the last four years, since the report began being issued.
Some takeaways from the reports include:
The CAFR and PAFR can be found on the Department of Finance website.