For city finance wonks, Christmas comes twice a year: once in August when the city budget is set and again in February when the city financial audit is published. The budget specifies the city's cash flow (its planned revenues and expenses). The financial audit details the city's assets (the value of city property, bank accounts, etc.) and its liabilities (outstanding debt, pension obligations, etc.).
Consider this a layman's adventure into the netherworld of municipal accounting, otherwise known as the CAFR. Fun fact: CAFR happens to be the abbreviation of a Latin phrase that means, "Abandon all hope ye who enter here." (Warning: I have the same lack of training in Latin as in accounting). Open the door and you'll be lured into a spider's web of terms and numbers that will bring you down and overwhelm you and smother you. Last warning: run away!
After the jump, the descent begins into this year's
Comprehensive Annual Financial Report (CAFR) for the City of Richardson.