Financial Reports and Budgets Explained
Comprehensive Annual Financial Report (CAFR) and Popular Annual Financial Report (PAFR)
The CAFR is a detailed account of the city’s financial statements, notes, schedules and statistics. The City of Victoria is proud to have received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada for its CAFR each year 2007-2017. This award is the highest form of recognition in the area of government accounting and financial reporting. Only about 1% of cities under 10,000 in population in the United States receive this award.
The CAFR’s companion piece is the PAFR. The PAFR is a condensed version of the CAFR, and it does not include information on all the city’s funds. The PAFR is a summary of the city’s financial position, showing where city revenues come from and where those dollars are spent. The objective of this report is to inform citizens and other interested parties about the financial operations of the city in a simplified and easy-to-read format.
Annual Budget and Capital Improvement Plan
The finance department leads the annual budget preparation for all fund budgets, including the five-year capital improvement plan. The capital improvement plan is a planning tool used to plan for the acquisition and funding of capital improvements such as buildings, equipment, parks, vehicles and infrastructure.