How is the specific financial information in annual financial reports filed by local governments organized?
An annual financial report (AFR) comprises one or more funds, each with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein. Such funds are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. AFRs always include a General Fund, which is the chief operating fund of local governments and is used to account for all financial resources except those required to be accounted for in another fund. Additional funds that are typically reported by local governments include Special Revenue Funds (e.g., highway, water, sewer, capital projects, debt service), Proprietary Funds (often used to account for activities that are financed by user charges), and Fiduciary Funds (used to account for assets held in a trustee or agent capacity).
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