Tuesday, November 14, 2017

Richmond Completes 2017 Comprehensive Annual Financial Report Nearly Three Weeks Early

Mayor Levar M. Stoney this evening announced Richmond has completed the 2017 Comprehensive Annual Financial Report (CAFR), which is due to the Virginia Auditor of Public Accounts November 30.

This is the first time in four years the city has filed the report on time or before the state-imposed deadline. The 2015 and 2016 CAFRs were filed nearly a year and five months late respectively, causing consternation among members of City Council and the public. Mayor Stoney made a campaign promise and inaugural commitment that the 2017 CAFR would be completed on time, and the city’s Finance Department delivered.  

“Your government is now working better and more efficiently,” said Mayor Stoney. “We made this a top priority this year, and the Finance Department did a tremendous job. I am pleased to provide the state’s Auditor of Public Accounts and our City Council with timely audited financial statements that show Richmond is moving in the right direction.”

The CAFR consists of financial audit statements completed in compliance with the accounting and financial reporting standards established by the US Governmental Accounting Standards Board (GASB).

“The 2017 CAFR shows Richmond now stands squarely on solid financial ground,” said Deputy Chief Administrative Officer Lenora Reid. The 2017 CAFR will be posted on the Finance page of the City’s website, under the Financial Reports section.