A Comprehensive Annual Financial Report (CAFR) can be obtained by writing or contacting a government’s controller or finance director. Most local governments provide the reports at no charge....

1. Brief overview:
The city of Austin is one of the fastest growing cities in the USA and is the capital city of the U.S. State of Texas. The city was established in 1840 and there are 10 council members in the city who are elected by geographical district these 10 members select a Mayor who heads the city of Austin. The terms of members are defined for four years and further can be extended for a maximum of another four years. The city is having 11th place in terms of population and 4th place in terms of the most populous city in the USA. The population of the state capital has reached 964,177 in 2021. The staff of the city are having a long-term vision for the creation of such a work culture which will enhance the growth and innovation of the city. The city has also received a certificate of excellence in terms of financial reporting and publication of CAFR from GFOA. The administration structure of the city of Austin is as below (Arapis, T., & Grady, D. 2015):
Analysis of the three sections of the CAFR
The comprehensive annual financial report is having three primary sections which include the introductory section, the financial section, and the statistical section. The analysis of the components of each section is discussed below:
· Introduction section: It can be defined as the introductory part of the report. This section of the report consists of the table of content of the different sections of the report and transmittal letters of an executive of an organization. The letter consists of the profile of the local government, an economic update of the local government, and the main initiatives undertaken by the local government.
· The financial section: This section of the report consists of the financial report of the entity which includes an explanation of the financial information, health, and auditor report of the entity. In this section firstly auditor report is presented which is followed by the financial statement of the local and state government.
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