Authoritative standards encourage governments to issue their basic financial statements in the broader context of an Annual Comprehensive Financial Report (ACFR). The ACFR provides a thorough and detailed presentation of the City of Charleston's financial condition. It reports on the City's activities and balances for each fiscal year.
The ACFR is presented in three sections:
Introductory Section - including the transmittal letter.
Financial Section - including the independent auditor's report, management's discussion and analysis, government-wide financial statements, fund financial statements, notes to the financial statements, required supplementary information, combining financial statements, and schedules.
Statistical Section - including additional financial, economic, and demographic information.
The City's fiscal year ends on December 31st. ACFRs are normally posted on the website during the third quarter of the subsequent year.