The City of Titusville, Florida / Support Services / Finance / Comprehensive Annual Financial Reports (CAFR)Comprehensive Annual Financial Reports
Generally Accepted Accounting Principles have established the basic financial statements and RSI as the minimum standard for financial reporting. Governments are expressly encouraged to go beyond these minimum requirements and to present a comprehensive annual financial report (CAFR). A CAFR has three major sections: introductory, financial, and statistical. The introductory section furnishes general information on the government’s structure, services, and environment. The financial section contains all basic financial statements and RSI, as well as information on all individual funds and discretely presented component units not reported separately in the basic financial statements.
SEC Rule 15c2-12 requires a legal undertaking on the part of governmental debt issuers to provide certain annual financial information on an ongoing basis. Rule 15c2-12 does not establish a standardized format for presenting this information. Rather, the appropriate means of meeting the periodic disclosure requirements is left to the determination of the governmental issuer. GFOA has formally recognized the CAFR as an appropriate document for meeting the disclosure requirements of SEC Rule 15c2-12.
The City of Titusville is in full compliance of all GAAP and SEC Rule 15c2-12 reporting requirements.