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Comprehensive Financial Report
The Comprehensive Financial Report is an annual set of financial statements or reports issued by the City of Lauderdale Lakes Financial Service Department on an annual basis.
The City uses fund accounting which emphasizes accountability rather than profitability. A fund consists of a self-balancing set of accounts and each are reported as either unrestricted, temporarily restricted, or permanently restricted based on the provider imposed restrictions.
The financial statements, in contrast to budget, present the actual revenue collected and amounts spent for the year. The City’s financial statements usually include a statement of activities (similar to an income statement from the private sector), a balance sheet and some type of reconciliation.
Cash flow statements are also included to show the sources of the revenue and the destination of the expense
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