The CAFR reports the City's financial health as of the close of the fiscal year on June 30 of each year. The information in the CAFR is compiled by the Finance department and independently audited in order to ensure accuracy and transparency. The CAFR contains three sections:
Introductory section, containing letters from both the City Manager and the Independent Auditor discussing the state of the City's financial health;
Financial section, containing reports on various aspects of the City's financial health; and
Statistical section, which provides historical information to put the preceding information into context.
Following the independent audit by an outside organization, the CAFR must be approved by the City Council.