The City publishes an Annual Comprehensive Financial Report, or ACFR, each year following completion of the annual audit. The ACFR is prepared by the City's Finance Department in accordance with Generally Accepted Accounting Principles (GAAP). The ACFR also meets standards prescribed by the Governmental Accounting Standards Board (GASB) and the Government Finance Officers Association of the United States and Canada (GFOA).
The contents of the ACFR present the City's financial position and results of operations. Additionally, a variety of explanatory, demographic, historical, and statistical information is included to help readers better understand the City's financial condition.
University Park's ACFR is published by March 31 each year, following the previous September 30 fiscal year-end.
The City's ACFR has received the "Certificate of Achievement for Excellence in Financial Reporting" each year since 1998, and six years before that. The Certificate is awarded by an impartial panel of GFOA reviewers. Receipt of the Award indicates that the ACFR not only complies with the high standards of the review program but also demonstrates a constructive "spirit of full disclosure."