The financial information presented in the Popular Annual Financial Report (PAFR) is derived from the city’s Comprehensive Annual Financial Report (CAFR) but is presented here in summarized form. The CAFR outlines the city’s financial position and operating activities for fiscal year 2020 in great detail. It is prepared in conformance with accounting principles generally accepted in the United States (GAAP) and it also includes financial statements audited by the City's independent auditors.
The information in this report reflects the city’s governmental operations. Information on governmental funds is presented using the current financial resources measurement focus and the modified accrual basis of accounting. Governmental activities are those primarily supported by tax dollars for services such as parks and recreation, public safety, and physical environment.
The PAFR is presented in two sections. The first provides an overview of the city and its government form and structure. The second part provides a brief analysis of the city’s various revenue streams and how they are spent, as well as economic information about the city. It is unaudited and not presented in the GAAP format.
The Popular Annual Financial Report (PAFR) of the City of South Miami is a means of increasing public awareness about the city's financial condition through a more user-friendly presentation.