The 2014 edition of the King County Comprehensive Annual Financial Report (CAFR) has received a clean opinion from the State Auditor’s Office, with no findings noted. Both the CAFR and the Popular Annual Financial Report (PAFR) are now available online.
These reports allow interested residents to learn about King County’s financial condition and key information about the County’s operations, capital assets, debt, and investments.
The 212-page CAFR is expansive, providing a detailed account of all of King County’s financial activities at both the government-wide and individual fund levels, including the various sources of revenue and how those revenues were spent. The PAFR is designed to provide a summary of these same activities in a more condensed, yet easy-to-understand format.
The CAFR will be considered for the prestigious “Certificate of Achievement for Excellence in Financial Reporting” from the Government Finance Officers Association (GFOA). King County’s CAFR has earned this award for 33 years in a row. In order to receive the award, GFOA requires the report to be audited by an independent auditor, easily readable, and efficiently organized. The CAFR must also satisfy both generally accepted accounting principles (“GAAP”) and applicable legal requirements.
The PAFR is not audited, but qualifies for the GFOA “Outstanding Achievement in Popular Annual Financial Reporting” award. King County’s PAFR has received this distinction every year since its first issuance in 2010.
