A Comprehensive Annual Financial Report (CAFR) is a set of financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB). GASB provides standards for the content of a CAFR in its annually updated publication Codification of Governmental Accounting and Financial Reporting Standards.
The purpose of the Capital Improvement Plan (CIP) is to forecast and match projected revenues and capital needs over a ten year period. Long range capital planning is an important management tool that strengthens the linkages between community infrastructure needs and the financial capacity of the city.
In 2017, the Protecting Local Government Retirement and Benefits Act (Public Act 202 of 2017) was signed into law in Michigan. The legislation implemented recommendations from the Responsible Retirement Reform Task Force on addressing unfunded pension and retiree health care liabilities (OPEB) of local governments in Michigan.