For the first time in its history, the City
of Columbia is issuing a Popular Annual Financial Report (PAFR) as an easier
way for citizens and community stakeholders to review and understand some of
the basic information of Columbia’s finances and local government. The report
is available to the community both online and via hard copy.
“As part of our City’s ongoing efforts to improve
communications with the community, we wanted to create a more reader-friendly
version of the City’s financial and government information that will hopefully
become a useful source of information for our community,” says City of Columbia
CFO/Assistant City Manager Thad Jablonski. “We tried to create a PAFR that is
interesting and will help people learn a little more about Columbia, where the
City’s money comes from and how funds are spent.”
City auditors presented their findings to the City Council
at the December 6th study session. The City received a clean audit
with no findings. All City departments demonstrated restraint in the
expenditure of budgeted funds, which contributed to the City’s Fund Balance, or
reserves, reaching nearly $40 million. Highlights from the yearly audit
included $2.3 million increase in reserves in the City’s General Fund (the
City’s chief operating fund), continued property and sales tax growth and the City’s
maintaining a AA+ credit rating.
Mayor Dean Dickey stated, “we are pleased to receive a clean
audit report again this year. Management continues to demonstrate its
commitment to this Council and Columbia citizens in providing the highest
quality financial reporting.” Dickey
continued that “the Finance Department has also gone the extra mile to improve
transparency and accessibility for our citizens to review the city’s financial
information in developing the new Popular Annual Financial Report.”
The City also publishes a Comprehensive Annual Financial
Report (CAFR) which provides financial information in much greater detail. Both
reports are presented using generally accepted accounting principles, the
standard format for government accounting. The PAFR is intended to complement
the CAFR, not to be a substitute for it.
Both reports can be found online at the City of Columbia’s
website here. Free hard copies of the new PAFR are also available to the public
at Columbia City Hall. For more intonation, contact the Columbia Finance
Department at (931) 922-8514.
To view the reports, click on 2018
PAFR and 2018
CAFR.