| # of days to produce the CAFRFMS-Financial Mgmt Services |
Measure Definition & Importance |
The Comprehensive Annual Financial Report is intended to meet the needs of decision makers. Accordingly, timeliness was identified as one of the characteristics of information in financial reporting in Concepts Statement No. 1 of the Governmental Accounting Standards Board (GASB), Objectives of Financial Reporting. To accomplish this objective, financial reports must be available in time to inform decision making. Therefore, financial reports should be published as soon as possible after the end of the fiscal year. The City's Charter under Chapter X, Section 11 requires the creation of a set of financial statements be delivered to Mayor and City Council each fiscal year. Additionally, Texas State Law requires Texas municipalities to publish an annual financial statement within 180 days after year-end close. While GAAP does not require the City to prepare an annual financial report, if the City does prepare one for audit and publication, GAAP provides strict guidance on what has to be reported and how the information is presented.
Analysis | |
# of days to produce the CAFR |
Service Areas |
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FMS.2.2 Compliance
FMS-Financial Mgmt Services
Attachments |
Measure Data | Last Calculated 5 months ago |
| Period | | Status | # of days to produce the CAFR | Overall Target | High Variance (FY Target) | Low Variance |
|---|---|---|---|---|---|---|
| FY2013 |  | Monitoring/No Info | ||||
| FY2014 |  | On Target | 171.00 | 137.00 | 127.00 | 152.00 |
| FY2015 | | On Target | 177.00 | 137.00 | 127.00 | 152.00 |
| FY2016 | | On Target | 178.00 | 137.00 | 127.00 | 152.00 |
| FY2017 | | On Target | 151.00 | 137.00 | 127.00 | 152.00 |
| FY2018 | | On Target | 137.00 | 137.00 | 127.00 | 152.00 |
| FY2019 | | On Target | 130.00 | 130.00 | 127.00 | 152.00 |
| FY2020 | | Monitoring/No Info | 130.00 | 127.00 | 152.00 | |
| FY2021 | | Not Defined | 130.00 | 127.00 | 152.00 | |
| FY2022 | | Not Defined |
Data Source Details & Calculation Information |
The City staff prepares a Comprehensive Annual Financial Report (CAFR) as part of the City's Charter requirement to have an independent external audit of the financial statements. The date published on the "Transmittal Letter" and "Independent Auditor's Report" in the CAFR is the date to be considered 'complete' for purposes of this KPI. There are potential timing differences between the date published in those reports to the date it is presented at a Council Meeting, mainly due to printing of the report and when Council is in session.
The City's CAFR's can be retrieved on the City's Financial Management Services website: http://fortworthtexas.gov/fina...
The date of the Independent Auditor's Report less the City's fiscal year-end of September 30. (i.e. February 14th issuance date = 137 days)
Performance Liaison |
| CH | Crystal Hinojosa (FMS - Financial Management services) |
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