what is a cafr
A CAFR is similar to the Annual Financial Report (AFR) that publicly traded corporations are required to produce each year and give to every share-holder as a requirement of Securities Exchange Commission (SEC) law. In many cases, a CAFR may show two to three times more income over what is shown in the corresponding Budget Report. Relevant to taxpayer interests, the CAFR is the report that would be the report for review over a limit showing as seen in the corresponding Budget report. The CAFR could be considered the Bible of asset accounting for any local government body.