- Certified Annual Financial Reports (CAFRs)
Certified Annual Financial Reports (CAFRs)
Local Government Code
Per the Chapter 103 of the Local Government Code, a "municipality shall have its records and accounts audited annually and shall have an annual financial statement prepared based on the audit," and along with the auditor’s opinion on the statement, filed in the office of the municipal secretary or clerk within one hundred twenty (120) days after the end of the fiscal year per the City of Kennedale Charter. In an effort to further demonstrate Kennedale’s "spirit of full disclosure," the City has voluntarily participated in the Certificate of Achievement for Excellence in Financial Reporting (CAFR) Program.
Excellence in Financial Reporting Program
The Government Finance Officers Association (GFOA) established this program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of Generally Accepted Accounting Principles (GAAP) to prepare Comprehensive Annual Financial Reports (CAFR) that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal. Reports submitted to the CAFR Program are reviewed by selected members of the GFOA professional staff and the Special Review Committee (SRC), which comprises individuals with expertise in public-sector financial reporting and includes financial statement preparers, independent auditors, academics, and other finance professionals.