What is a Comprehensive Annual Financial Report (CAFR)?
Every year, most governments within the United States publish a Comprehensive Annual Financial Report, generally referred to as a CAFR, fully detailing the financial status of that government. It contains details about all of the government's financial activities, including its balance sheet (like assets and debt liabilities), expenditures (such as state employee salaries or infrastructure costs), and revenues (taxes, grants, service fees, etc.).
The State of Oklahoma's CAFR also defines the government's functional parts. It explains the mandate of all state agencies in order to give a thorough view of the State's financial structure and health.
The format of this document is determined by the Government Accounting Standards Board (GASB) and so is consistent no matter if the government publishing it is a small city or our entire state. The format and accuracy also has to be audited by an independent accounting firm approved by GASB. This means that it can be used to compare the financial health of similar governments.
Government managers use statistics and trends like those in the CAFR to make decisions about budgets, debt service, general fiscal management, and more.
The State of Oklahoma is proud to have received a Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officer's Association, the nation's premier association for government finance professionals.
Click below to read the full report.