often occur before the State Legislature passes the budget. The budget is a document that authorizes expenditures. The CAFR describes what actually was spent as well as the status of assets and liabilities at the end of the fiscal year. The GASB recognizes the CAFR as the official annual report for government entity. The CAFR must be prepared in conformance with GASB statements 34 and 35. The CAFR report is intended to meet the needs of a broad range of users.
The objective of the CAFR report is to provide a clear picture of the government as a single, unified entity, as well as providing readers with traditional fund based financial statements. The CAFR presents a comprehensive picture of a government's financial condition by combinin
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