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Finance News

Posted on: March 5, 2019

City of Sun Prairie receives awards for CAFR and PAFR

The City of Sun Prairie was recently awarded for its Comprehensive Annual Financial Report (CAFR) and Popular Annual Financial Report (PAFR) for fiscal year 2017. The CAFR and PAFR are submitted to the Government Financial Officers Association (GFOA) by the city’s finance department. Members of the GFOA Special Review Committee and the GFOA Executive Board review submissions by state and local entities for the Certificate of Achievement for Excellence in Financial Reporting and the Popular Annual Financial Reporting Award. These award programs recognize state and local governments of all types and sizes on their high quality reports that promote better transparency of financial management.

The Comprehensive Annual Financial Report (CAFR) is a thorough and detailed report of the city's financial condition and reports on its activities and balances for the fiscal year. The City of Sun Prairie was recently awarded its third Certificate of Achievement for Excellence in Financial Reporting for its CAFR for the fiscal year ending in 2017.

Most recently, the City of Sun Prairie has begun submitting its Popular Annual Financial Report (PAFR), a user-friendly rendering of the CAFR. The popular report summarizes the information from the CAFR and presents it in a more accessible and understandable way for the general public and other interested parties without a background in finance. The 2017 report marks the city’s second award for its PAFR.

To receive recognition for the programs, the reports are scored based on categories such as compliance with generally accepted accounting principles and program policy, understandability, reader appeal and overall quality. If a government’s report wins an award, it will receive national recognition, along with a plaque and press release. Recipients also receive feedback on their reports for areas of improvement to take into account for the following year.

The CAFR and PAFR continue to be excellent resources for residents to become more familiar with the city’s finances. Visit us online for more information and to review the city’s financial reports.

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