The GFOA established the Popular Annual Financial Reporting Awards Program (PAFR Program) in 1991 to encourage and assist state and local governments to extract information from their annual comprehensive financial report to produce high quality popular annual financial reports specifically designed to be readily accessible and easily understandable to the general public and other interested parties without a background in public finance and then to recognize individual governments that are successful in achieving that goal.
https://www.gfoa.org/pafr-awardLinks to an external site.
GFOA recommends that popular reports exhibit the following characteristics to be most effective:
The data in the PAFR should be extracted from the annual comprehensive financial report and use the same measurement focus and basis of accounting as that used in the annual comprehensive financial report.
The PAFR should be issued on a timely basis, no later than six months after the close of the fiscal year, so that the information it contains is still relevant;
The scope of the PAFR should be clearly indicated (i.e., does the popular report include component units as well as the primary government?);
The PAFR should convey financial information in a short, condensed and easily understood manner, present information in an attractive and easy-to-follow format and be written in a concise and clear style;
The PAFR should provide demographic information and economic indicators of the government or service area to allow readers to gain context of the environment in which the government operates;
The narrative should be used, as appropriate, to highlight and explain items of particular importance;
Comparative data should be used constructively to help identify trends useful in the interpretation of financial data;
PAFR preparers should strive for creativity;
Users of PAFRs should be encouraged to provide feedback and the popular reports should provide information on how they may do so; and
Most important, the PAFR should establish its credibility with its intended readers by presenting information in a balanced and objective manner.
Based on the Popular Financial Reports that you have read:
Create a Popular Annual Financial Report (PAFR) based upon the city in which you reside, work, or another city of interest in California.
Review the above 10 recommended points from the Government Finance Officers Association (GFOA). As you develop your PAFR, include recent revenue and expenditure data from, at least, the last two fiscal years of the city you select. You may also include socioeconomic data, such as but not limited to: unemployment statistics, crime rate, education (i.e. average educational attainment), average age of residents, number of business licenses, etc. In addition, review any information they share on social media (Facebook, Twitter, Instagram, etc) regarding the city. Take a look at the city government webpage for any other relevant budgetary information that they currently share. Your PAFR should include budgetary information, mission and vision statements (if you feel they are relevant), and the goals of the city.
Identify seven to eight key points shared by the local government that you believe are the most important and informative for the reader. Discuss the importance of these key points so that the reader understands their value and relationship to a successfully managed city. Ensure that your PAFR highlights the positive aspects of living and working there so that the residents and readers will be encouraged about visiting/living in the city.
As a point of reference, your Popular Annual Financial Report should mention the existence of the annual comprehensive financial report for the benefit of readers desiring more detailed information.
Your report should be, at least, 5 pages in length and include graphs, tables and other pictures to make it visually stimulating to the reader. Also, summarize the contents of your report in a voice-over PowerPoint or another presentation program.