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Finance staff explain differences between budget and audited financial reports to committee
Summary
Finance staff told the committee that accounting differences, timing, encumbrances and evolving reporting formats explain apparent disparities between annual budgets and Comprehensive Annual Financial Reports (CAFR). Committee members asked for guidance on comparing city spending across years.
City finance staff briefed the Finance Standing Committee on why the city's adopted budgets and its Comprehensive Annual Financial Report (CAFR) or ACR figures can differ substantially, and discussed best practices for comparing spending across multiple years.
A staff member said differences arise from timing, accounting conventions and reporting formats. "There are some accounting differences between budgetary accounting and, account like, GAAP…
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