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PRESENTATION OF 2017 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR), POPULAR ANNUAL FINANCIAL REPORT (PAFR)
AND OTHER ASSOCIATED AUDIT DOCUMENTS
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To the Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
The purpose of this presentation is to formally acknowledge that the 2017 Comprehensive Annual Financial Report, 2017 Popular Annual Financial Report and other associated reports are being transmitted to the Chicago Park District Board of Commissioners.
II. Explanation
The 2017 Comprehensive Annual Financial Report and other associated reports are being submitted in accordance with the Code of the Chicago Park District, Chapter VI, Section C. It is the duty of the Comptroller to prepare an annual statement giving a full and detailed accounting of all receipts and expenditures during the preceding fiscal year. Such statements shall also detail the liabilities and resources of the Park District, and all other items necessary to exhibit its true financial condition. Said annual statement shall be accompanied by the certificate of a certified public accountant not connected with the Park District and who has been appointed by the Board. Such accountant shall certify that the statements contained in the Comptroller's report are true reflections of the books of his/her office, which books have been correctly kept. Upon completion it shall be transmitted to the Board at the annual meeting. These reports meet these criteria.
State and local governments function in a unique environment. Characteristic features of governmental accounting and financial reporting include the use of fund accounting, the inclusion of budget-to-actual comparisons as part of general-purpose external financial reporting, and the employment of a special measurement focus and basis of accounting for tax-supported functions. Because there are various primary users of governments' general-purpose external reports, these reports tend to be longer and ...
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