The Annual Comprehensive Financial Report is prepared in accordance with the generally accepted accounting principles in the United States of America established by the Government Accounting Standards Board.
The Annual Comprehensive Financial Report is presented in three sections:
Introductory Section - includes the city’s organizational chart, a list of principal officials, and the Government Finance Officers Association of the United States and Canada (GFOA) Certificate of Achievement for Excellence in Financial Reporting for the prior fiscal year if applicable.
Financial Section - includes the management’s discussion and analysis (MD&A), the government-wide and fund financial statements, notes to basic financial statements, required supplemental information, other supplemental information, as well as the independent auditors’ report on the basic financial statements.
Statistical - includes selected financial and demographic information, which is presented on a multi-year basis
The Annual Comprehensive Financial Report includes all funds of the city. This report includes all government activities, organizations, and functions for which the City is financially accountable.
The criteria used in determining activities to be reported within the city's basic financial statements are based upon and consistent with those set forth by the Governmental Accounting Standards Board. Based upon these criteria, the Community Development Corporation Economic Development Corporation is included as discretely presented component units.
For the previous year’s reports, please see each individual link below:
The City of Red Oak adopted a tax rate that will raise more taxes for maintenance and operations than last year's tax rate. The tax rate will effectively be raised by 5.38 percent and will raise taxes for maintenance and operations on a $100,000 home by approximately $-40.57.