The new Comprehensive Annual Financial Report for the City of Biloxi, a report that provides detailed financial information about city operations, is now available online at biloxi.ms.us.
The 149-page document uses graphics, bar charts and balance sheets to provide an accurate and complete financial position of the city, as of Sept. 30, 2015, the end of the most recent fiscal year.
The CAFR (pronounced “caff-ra”) “is a detailed snapshot of the city’s financial condition at a certain point in time,” said Mayor Andrew “FoFo” Gilich. “Two of the tools we use in managing public dollars are the municipal budget and the CAFR. The budget is a plan for the fiscal year, showing where funds are to be allocated, and the CAFR shows what actually happened during that year, plus it provides a look at trends in different sectors of the city economy.
“What you will see in this audit is that the city was in good financial shape at the end of FY 2015,” said Gilich, who took office six months before the fiscal year ended. “Our goal is to make it better.”
The document was prepared by Culumber, Harvey & Associates, certified public accountants.
Perhaps the most important part of the CAFR is its overview, known as a Letter of Transmittal. This eight-page highlight shows 10-year trends in key municipal economic indicators: revenue from sales, gaming and property taxes; building permits and their valuations.
The CAFR – which is shared with credit-rating agencies, regulators and those interested in a detailed financial analysis of the city — also includes a section that traces the city’s revenue sources and departmental spending over the past 10 years.
See the CAFR for FY 2015
See the Letter of Transmittal
See the 10-year revenue and expenditure trend
See an archive of CAFRs dating back to 2002
