The Comprehensive Annual Financial report, more commonly referred to as the CAFR, combines the Basic Financial Statements of the City and all government activities, organizations and functions, including those legally separate organizations for which the City is financially accountable (Redevelopment Agency and Azusa Public Financing Authority) as defined by the Governmental Accounting Standards Board (GASB). These financial statements have been prepared in accordance with generally accepted accounting principles for local governments as prescribed by GASB.
The CAFR is presented in three sections. The Introductory Section includes a transmittal letter, a list of City officials and organizational chart for the government. The Financial Section includes Management’s Discussion and Analysis (MD&A), basic financial statements, combining and individual fund statements and schedules, as well as the independent auditor’s report on the basic financial statements. The MD&A is a narrative introduction, overview, and analysis to accompany the basic financial statements. The Statistical Section includes selected financial and demographic information generally presented on a multi-year basis.