Comprehensive Annual Financial Report
City of North St. Paul Comprehensive Annual Financial Report
The City operates on a calendar fiscal year and reports its year-end financial position in a Comprehensive Annual Financial Report (CAFR). Each year the City is audited by an independent audit firm to ensure fiscal soundness and compliance with regulations set forth by the State of Minnesota and other agencies. The City’s auditors issued an unqualified opinion regarding the City’s 2019 financial statements which means the financial statements present fairly, in all material respects, the financial position of the City and each of its funds.
The CAFR has three major parts:
- Introduction - provides general information on the government’s structure, services and environment.
- Financial - contains the basic financial statements, notes to the financial statements, any additional required supplementary information and information on individual funds.
- Statistical - presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the city’s overall financial health. The statistical section includes financial trends, revenue capacity, debt capacity, demographic and economic information and operating information.
Excellence in Financial Reporting
For the fiscal year ending December 31, 2018, the North St. Paul Finance Department received the Certificate of Achievement for Excellence in Financial Reporting. The certificate, awarded by the Government Finance Officers Association of the United States and Canada, is the highest form of recognition in the area of governmental accounting and financial reporting.
The award recognizes that North St. Paul’s comprehensive annual financial report (CAFR) meets criteria that most cities’ reports do not. The city has earned the award thirty-two consecutive years.
Below are links to the city’s financial reports. The files are large PDF files and may take a few minutes to open, depending on your connection.