The City of Livingston received a Certificate of Achievement in Excellence in Financial Reporting for its fiscal year 2011 Comprehensive Annual Financial Report (CAFR).
The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program (CAFR Program) in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principals to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and to recognize individual governments that succeed in achieving that goal. Reports submitted to the CAFR program are reviewed by selected members of the GFOA professional staff and the GFOA Special Review Committee (SRC), which comprises individuals with expertise in public-sector financial reporting and includes financial statement preparers, independent auditors, academics, and other finance professionals.
The City of Livingston Comprehensive Annual Financial Report (CAFR) is a publication of the City of Livingston Finance Department. The City is responsible for the fair presentation of its financial statements and for the preparation of the CAFR. The CAFR presents the City's financial position and results of operations, as well as demographic and statistical information to assist the reader in assessing the City's financial condition.
The CAFR is "complied" by the city staff and "audited" by an external American Institute of Certified Public Accountants (AICPA) certified accounting firm utilizing GASB requirements. It is composed of three sections: Introductory, Financial and Statistical. It combines the financial information of fund accounting and Enterprise Authorities accounting.