City of Ozark - Fiscal Responsibility
City of Ozark Audit Report
Every year the City of Ozark is required to conduct an audit by certified public accountants. If you have any questions or concerns you may contact the Finance Director, Mary Edna Wilson, by email.
Financial Reporting FAQs
What is a CAFR?CAFR is an acronym for Comprehensive Annual Financial Report. This report consists of three sections; An Introductory Section, a Financial Section, and a Statistical Section.
Is a CAFR Required?While releasing annual financial reports is required, these reports must only include three items to comply with Generally Accepted Accounting Principles (GAAP). These three items are, a Management Discussion and Analysis, Basic Financial Statements, and Required Supplementary Information. These three items make up what would be the Financial Section of a CAFR. Remember, there are three sections in a CAFR (Introductory, Financial, and Statistical). The Introductory and Statistical Sections are not required.
Has the City of Ozark prepared a CAFR?The City of Ozark prepares Basic Financial Statements accompanied by the Management Discussion and Analysis and Required Supplementary Information. Due to the man-power required to prepare a CAFR and the costs associated with auditing and publishing, the City has not deemed it beneficial or cost effective to prepare a CAFR at this time.
What is included in the sections that are not required by GAAP?The Introductory Statement has fewer constraints than the other two sections. It is more or less a place where an entity can put information that is deemed important for the reader, but does not fit in any other section. This section commonly includes a letter of transmittal, the prior year Certificate of Achievement for Excellence in Financial Reporting, a list of Principal Officials, and an Organizational Chart.
The Statistical Section uses information from the most recent 10 years of financials to determine, how financial position has changed over time, factors affecting the ability to generate revenue, existing debt burdens and the ability to take on new debts, demographic and socioeconomic changes, and to provide information about operations and resources.