Comprehensive Annual Finance Report

Annually, the City of Cottage Grove issues a Comprehensive Annual Financial Report (CAFR) that provides a weal2020 Comprehensive Financial Annual Report Opens in new windowth of information about the city's finances.

Sections of the Comprehensive Annual Financial Report (CAFR)

The CAFR has three major parts:

  • Introduction: General information on the government's structure, services and environment.
  • Financial: Contains the basic financial statements, notes to the financial statements, any additional required supplementary information, information on individual funds, and discretely presented component unit .
  • Statistical: Presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the city's overall financial health. The statistical section includes financial trends, revenue capacity, debt capacity, demographic and economic information and operating information.

The City is making the CAFR available on its website to improve access to the city's financial reporting and to comply with a recently issued recommended practice from the Government Finance Officers Association.

Certificate of Achievement for Excellence in Financial Reporting

Excellence in Financial Reporting For the 2013 CAFR, the Cottage Grove Finance Department received the Certificate of Achievement for Excellence in Financial Reporting. The certificate, awarded by the Government Finance Officers Association of the United States and Canada, is the highest form of recognition in the area of governmental accounting and financial reporting.

The award recognizes that Cottage Grove's comprehensive annual financial report (CAFR) meets criteria that most cities' reports do not. In Minnesota, just 11% of all cities receive the award. The city has earned the award twenty-four consecutive years.