The Town's Comprehensive Annual Financial Report (CAFR) is prepared and released after an independent audit of the Town's finances by a certified public accounting firm. The CAFR is a government's official annual financial operating statement and contains the notes to the financial statements for the Town as a whole. The CAFR also includes any additional financial, economic and demographic statistical information deemed necessary.
The Town of Estes Park was awarded the Certificate of Achievement for Excellence in Financial Reporting for its 2016 Comprehensive Annual Financial Report (CAFR) from the Government Finance Officers Association. The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. The 2017 CAFR has been submitted to the Government Finance Officers Association for award consideration.
The Town is also subject to audit requirements referred to as a single audit, as required by the Office of Management and Budget (OMB) Circular A-133, because more than $750,000 in Federal funding was received in 2017 to the Town. A single audit is intended to promote sound financial management, including effective internal control, with respect to federal awards administered by state and local governments.
Benchmarking is the comparison of various statistics to a representative group. For governments this is primarily designed to encourage discussion about resource allocations. Each government is unique in its needs and priorities, resulting in justified differences among benchmarked statistics. These differences and priorities must be kept in mind while reviewing benchmarking reports.