Fiscal Services' major functions include: financial reporting, payroll, accounts payable, cash management, and responding to the growth of the City with increased management reporting.


COMPREHENSIVE ANNUAL FINANCIAL REPORT

In 2004, City received its first "Certificate of Achievement for Excellence in Financial Reporting" through the Government Finance Officers Association (GFOA). The Certificate of Achievement is the highest, most prestigious award for financial reporting available. Annually, there are approximately 26 cities in Kansas that receive this award. The City has received this award for it Comprehensive Annual Financial Report (CAFR) on an annual basis ever since that first time.

The Governmental Accounting Standards Board recognizes the CAFR as the official annual report of the government. Advantages of preparing a CAFR are:

1. Rating agencies have publicly recognized the issuance of an award-winning CAFR as a positive factor in a credit evaluation.
2. An award-winning CAFR possesses a high degree of reliability because it must be presented in conformity with Generally Accepted Accounting Principles (GAAP) and it must be audited in conformity with Generally Accepted Auditing Standards.
3. A CAFR goes beyond the minimum requirements of GAAP to provide additional information of great practical benefit to financial statement users, such as trend and demographic information and an overview of the government and its operations that highlights key financial developments of the current year.
4. The financial statements, supporting schedules, statistical tables and narrative explanations required for a Certificate ensures that all fiscal data are presented that are needed by those with an interest in the financial affairs of the City.
5. A CAFR demonstrates a government’s professionalism to citizens, colleagues, and industrial prospects.
6. A CAFR meets the requirements of SEC Rule 15C2-12 under the Securities Exchange Act of 1934 for municipal bond disclosure, which requires an annual update of the financial information and operating data included in final official bond offering statements.