Comprehensive Annual Financial Report
The Comprehensive Annual Financial Report (CAFR) is the Village's annual audit. This report focuses on a single financial year and covers a variety of topics including the Village's overall financial standing as well as the standing of each of its funds. Under the law, an independent auditor must complete a review of Village's financial practices and statements and includes an official letter summarizes its findings. This is the last document in the Village's financial cycle and is released for the prior fiscal year in October each year. The most recent CAFR can be found at the bottom of this page. Older editions can be found at this link.
How to Use the CAFR
The CAFR has three major sections:
- The Introductory Section: This section includes organization-wide information such as a list of officials and an introductory letter from the Village Manager and Deputy Village Manager/CFO discussing the Village's activities and accomplishment within the period that the audit covers.
- The Financial Section: This section includes the auditor's report, a section covering management's discussion and analysis and the Village's basic financial statements as well as any required supplemental information. Individual funds are also discussed in detail.
- The Statistical Section: This section includes a variety of operating statistics and has detailed scheduled for many of those statistics for the past ten years.
The Popular Annual Financial Report
In addition to the CAFR, the Village prepares a Popular Annual Financial Report (often called a "PAFR") which is a snapshot of the CAFR made for everyone to be able to understand and use. The current and previous PAFRs can be found at this link.
Questions Regarding the CAFR
For questions regarding the CIP, contact the Finance Department at 847-272-5050.