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Finance staff unveil a new Popular Annual Financial Report to make city finances more accessible

City of Madison Finance Committee · October 28, 2025

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Summary

Finance Department staff presented a Popular Annual Financial Report (PAFR) to the Finance Committee, a condensed, easy-to-read version of the annual comprehensive financial report designed to help residents understand how the city raises and spends money.

Finance Department staff on Oct. 27 presented a new Popular Annual Financial Report (PAFR) designed to summarize the City of Madison's annual comprehensive financial report in a more accessible format. The PAFR is a 40-page PDF intended as an entry point for residents who do not want to navigate the nearly 300-page comprehensive report.

Dave, a finance presenter, said the PAFR follows best practices from the Government Finance Officers Association and highlights fund descriptions, revenue and expenditure charts, an organizational chart, trend information (population, unemployment, median family income) and a link to the full annual comprehensive financial report and enterprise agency statements. The PAFR also defines accounting terms for non-specialists and highlights the city's mission and awards.

Committee members praised the document as a good first step toward more transparent and user-friendly budget and financial reporting. Staff said they would share additional context and could obtain comparative data on how many municipalities of similar size produce a PAFR.

Why it matters A PAFR can increase transparency and public understanding of municipal finances by translating technical financial statements into plain language and visual summaries. The department said it will continue to refine public-facing budget materials, including the digital budget book, to support resident engagement with city finances.