The Finance Department prepares the Annual Financial Report. An annual financial report is a government’s financial statement that looks at long-term financial trends and goes beyond minimums established for public sector employees.
State law requires that cities with populations of 25,000 or more publish financial statements that conform to generally accepted accounting principles (GAAP). The report is audited in accordance with generally accepted auditing standards by the Washington State Auditor’s Office. In addition, the report is reviewed by the Government Finance Officers Association (GFOA), which has provided a Certificate of Achievement for Excellence in Financial Reporting to the city for the past three years.