From a press release by the City:

FORT WORTH — After the completion of the 2008 Comprehensive Annual Financial Report (CAFR), the City Council was informed today that the city’s financial books are current, verified and in order. The important announcement is a culmination of more than four years of significant improvements to the city’s financial reporting and internal processes.

“Words can’t describe how it feels to know the city is current on its CAFRs,” said Finance Director Lena Ellis. “Now that our financial records have been verified, we can focus clearly on the future to ensure the city’s financial house remains in order.”

In 2005, the Council learned that the city had fallen behind on its annual financial reporting obligations. Because the CAFR is the report card of the city’s financial health and performance to investors, it can greatly influence the city’s cost to sell bonds that pay for major infrastructure and other essential needs.

Now that the city has current audited financial statements, it can sell bonds in the public market at lower interest rates and with better repayment terms. Moreover, it gives the City Council a clear picture of the city’s financial landscape heading into of one of the toughest city budgets in recent history.

“Because of the serious implications to our taxpayers, the CAFRs have remained a top priority for the Council and city management. It’s about accountability and being transparent.” said Councilmember Jungus Jordan, who chairs the city’s Audit and Finance Committee. “A lot of people have put in some extremely long hours away from their families working with antiquated systems to get Fort Worthback on track. On behalf of our citizens, we can’t thank them enough for their commitment to this important mission.”

Mayor Mike Moncrief said the CAFRs have a lot to do with the confidence people have in their city, and he appreciates everyone who was involved in reaching this major milestone.

“This Council and City Manager along with our staff have remained focused on meeting our deadline for this CAFR and getting our financial house in order,” Moncrief said. “We have committed major resources to this effort; and while we still have a lot of work to do, we are well on our way to putting the city back on course when it comes to responsibly accounting for taxpayer dollars.”

Successfully meeting the Council’s goal to have the CAFRs completed by the summer of this year is the result of not only hard work on the part of the City Council and staff, but several organizational changes as well.

The City Council created the Audit and Finance Committee in 2006 to ensure the city’s finances are more accountable to the people. The Fiscal Accountability Committee was formed to improve inter-departmental consistency and communication. And, new leadership, including Assistant City Manager Karen Montgomery and Finance Director Lena Ellis – along with additional certified public accountants and other essential staff – were brought in to add expertise and set a strategic corrective course. Working side by side with the City Council and staff were also teams of outside financial and management experts.

The completion of the 2008 CAFR is not only significant because it brings the city’s financial books current, but also because it’s based on improved internal financial controls. These controls add another line of defense against potential weaknesses in the management of the city’s finances.

To further enhance the city’s ability to accurately and effectively manage its finances going forward, a new automated financial reporting system – known as an enterprise resource planning (ERP) system – will be purchased this year and is expected to go live in 2012.

The CAFRs are required each year to detail the financial condition and performance of the city. The reports also reflect the independent auditors’ assurance that the city of Fort Worth has fairly presented its financial position and that all funds are accounted for and verified.