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FINANCIAL REPORTS
The City of Franklin produces numerous financial reports throughout the year. Many are ad hoc reports prepared for specific departmental needs and for internal controls. Many others are prepared for outside agencies, such as annual audits, monthly and quarterly budget reports, annual budgets, annual Capital Improvement Plan, grant compliance documentation, etc.
Listed below are samples of the most widely requested of our prepared reports.
Comprehensive Annual Financial Report (CAFR)Also known as the annual audit report, this extensive report contains over 100 pages of the most meaningful data about a city’s financial condition. Prepared by staff in conjunction with outside auditors, it is submitted annually to the State Comptroller for approval as well as to the Board of Mayor and Aldermen. It is also submitted to the Government Financial Officer’s Association for consideration of their annual award for financial reporting. The City of Franklin has received that award of distinction for fifteen consecutive years. Annual Operating Budget ReportThe annual budget is painstakingly prepared each year to outline the operating budget of the City for a twelve month period. Included in the budget are the personnel, operating, maintenance, debt service and capital outlay proposals for the year. The City of Franklin holds hearings each spring and approves the budget in ordinance form after three readings of the Board of Mayor and Aldermen.
Quarterly Budget Monitoring ReportQuarterly reports are prepared to monitor the financial transactions of the City versus the annual budget. These reports are delivered to all Board members and reviewed in the Budget and Finance Committee meetings. Quarterly reports are prepared by staff and delivered to the Budget and Finance Committee approximately forty-five days after the end of the quarter.
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