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The City engages an independent certified public accounting firm to examine and report to the City Council on the annual financial statements of the City. Various financing covenants and regulations associated with restricted funding sources also require the City to publish a complete set of audited financial statements presented in conformance with generally accepted accounting principles (GAAP).
Comprehensive Annual Financial Reports (CAFRs)
Comprehensive Annual Financial Reports (CAFRs) are produced to provide the Mayor, City Council, City staff, residents, bondholders and the general public with useful information about the City’s operations and financial position. Reports include a description of City services, accounting system, and budgetary controls, as well as a brief discussion about the City's economic condition and outlook. The CAFRs also include an independent auditor's report, management discussion and analysis, government-wide financial statements, fund financial statements, and other financial and general information presented on a multi-year comparative basis.
These reports are prepared by the City’s Finance Services Office in accordance with standards prescribed by the Governmental Accounting Standards Board (GASB), the Government Financial Officers Association of the United States and Canada (GFOA) and other rule-making bodies. The City is responsible for the accuracy, completeness and fairness of the data presented.
The City of Olathe's CAFR for the year ended December 31, 2011, was awarded the GFOA Certificate of Achievement for Excellence in Financial Reporting. For the 33rd consecutive year the City has received this award. The Certificate of Achievement is the highest form of recognition for excellence in state and local government financial reporting. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both Generally Accepted Accounting Principles (GAAP) and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only.
Other Financial Reports