Find the right annual financial report, understand what kind of document you opened, and verify that it belongs to the government and fiscal year you intended to research.
Start with the report name
U.S. state and local governments do not all use the same page title or filing pattern. These are the most useful terms to search on an official website:
Annual Comprehensive Financial Report (ACFR). A detailed annual financial report commonly used by state and local governments. GASB Statement No. 98 replaced the former name “Comprehensive Annual Financial Report” with “Annual Comprehensive Financial Report.” Older archives may still use the former long-form title.
Annual Financial Report. Some governments use a simpler title even when the document contains audited financial statements and other year-end financial information.
Audited Financial Statements. This phrase can lead directly to the core financial statements and independent auditor’s report, even when no ACFR is published under that name.
Popular Annual Financial Report (PAFR). A shorter, citizen-facing report that presents selected financial information in a more accessible format. It is useful, but it is not a substitute for the full ACFR or audited financial statements when you need detailed reporting.
Where to look first
- The government’s official Finance, Comptroller, Controller, Auditor, Accounting, or Financial Reporting page. Start with the government’s own website rather than a third-party PDF mirror.
- A Financial Reports, Accounting, Investor Relations, or Reports section. The report may be filed under a department rather than linked from the homepage.
- A state controller, comptroller, auditor, or statewide reporting repository. These can be especially useful for state reports and, in some jurisdictions, local-government filings.
- EMMA for municipal-securities disclosures. The Municipal Securities Rulemaking Board’s EMMA system is the official source for municipal continuing-disclosure documents and can include annual financial information and audited financial statements associated with municipal securities.
- An official-domain search as a last resort. Try searches such as
site:cityname.gov ACFR,site:countyname.gov annual financial report, orsite:state.xx.us audited financial statements.
How to verify the document
Before relying on a report, check:
- Government entity: Is this the exact city, county, state, authority, district, or component unit you intended to research?
- Fiscal year: Confirm the year-end date, not only the PDF upload date.
- Report type: ACFR, annual financial report, audited financial statements, PAFR, budget, and single-audit reports serve different purposes.
- Audit status: Look for an independent auditor’s report when audited financial statements are important to your research.
- Publication or revision date: A later revision can replace an earlier posting.
- Primary government vs. component unit: A legally separate component unit may have its own statements or appear separately within the government-wide report.
- Source: Prefer the government’s official domain or a recognized disclosure system such as EMMA.
Official examples by government level
These examples show the kinds of official pages to look for. They are examples, not a claim that every U.S. government uses the same reporting model.
Cities
- City of Milwaukee, Office of the Comptroller — Official multi-year Annual Comprehensive Financial Report archive.
- New York City Comptroller — Official ACFR page with current and historical reports and an explanation of report contents.
Counties
- Marin County, Department of Finance — Official ACFR page with the current report and historical archives.
- Milwaukee County, Office of the Comptroller — ACFR materials published through the county comptroller/accounting function.
States
- Illinois Office of Comptroller — Official annual report page describing the State’s financial position and results of operations.
- North Carolina Office of the State Controller — Official controller site publishing and highlighting the State’s Annual Comprehensive Financial Report.
ACFR vs. budget vs. PAFR
| Document | Main purpose | Time orientation | Typical level of detail |
|---|---|---|---|
| Adopted budget | Authorizes or plans how resources will be raised and used | Forward-looking | Detailed by appropriations, departments, funds, programs, or other local structures |
| ACFR / annual financial report | Reports completed-period financial position and activity | Backward-looking | High; often includes audited statements, notes, MD&A, supplementary and statistical information |
| PAFR | Communicates selected annual financial information to a broad audience | Backward-looking | Condensed and reader-friendly |
A budget and an annual financial report answer different questions. The budget describes what a government planned or authorized; the annual report helps show what happened during the completed reporting period and how it was reported under the applicable accounting framework.
Using EMMA
EMMA is especially useful when the government or another public issuer has municipal securities outstanding and has continuing-disclosure obligations. It can provide official statements, annual financial information, operating data, audited financial statements when filed, event notices, and voluntary disclosures.
Use EMMA as a disclosure source, not as a universal directory of every state or local annual report. Not every government report will be easiest to find there, and the disclosure set can vary by security and continuing-disclosure undertaking. When possible, compare the EMMA filing with the issuer’s own official finance or investor-relations page.
A practical search sequence
If you are starting from zero:
- Search the official government website for ACFR.
- If that fails, search annual financial report.
- Then try audited financial statements.
- Check the Finance / Comptroller / Controller / Auditor / Accounting section.
- If municipal debt is relevant, search the issuer on EMMA.
- Verify the entity, fiscal year, report type, audit status, and source before using the numbers.
Primary references
- Government Finance Officers Association — ACFR terminology and reporting structure
- Government Finance Officers Association — Popular Reporting of Financial Information
- Government Finance Officers Association — Periodic Disclosure and the ACFR
- Investor.gov — Sources of Municipal Securities Information
- Investor.gov — Using EMMA
- Municipal Securities Rulemaking Board — About EMMA
- City of Milwaukee Office of the Comptroller — Annual Comprehensive Financial Reports
- New York City Comptroller — Annual Comprehensive Financial Reports
- Marin County Department of Finance — Annual Comprehensive Financial Reports
- Milwaukee County Office of the Comptroller — Accounting / ACFR
- Illinois Office of Comptroller — Annual Comprehensive Financial Report
- North Carolina Office of the State Controller — Annual Comprehensive Financial Report