The City’s annual financial statements are prepared to conform to accounting principles generally accepted in the United States of America (US GAAP) as applicable to governmental units.

As such, the City's annual financial report includes the independent auditor’s report, management discussion and analysis, government-wide financial statements, fund financial statements, notes to the financial statements, and other supplementary information, including statements of revenues, expenditures, and changes in fund balance for each of the City’s funds. The basic financial statements consist of government-wide statements including a statement of net position and a statement of activities, and fund financial statements that provide a more detailed level of financial information.

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows.

Fund financial statements are reported using the current financial resource measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Expenditures, other than interest on long-term obligations, are recorded when the fund liability is incurred or the long-term obligation is paid.

As of 2004, the City of Centennial has been in compliance with the Governmental Accounting Standards Board (GASB) Statement 34 known as GASB 34. This requires that the City identify all fixed assets including infrastructure assets. The City has identified these assets, valued these assets and determined the appropriate methodology for calculating depreciation. GASB 34 also includes changes to financial reporting that is reflected in the City’s 2004 Financial Statements.

Reporting

Fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Expenditures, other than interest on long-term obligations, are recorded when the fund liability is incurred or the long-term obligation is paid.

As of 2004, the City of Centennial has been in compliance with the Governmental Accounting Standards Board (GASB) Statement 34 known as GASB 34. This requires that the City identify all fixed assets including infrastructure assets.

The City has identified these assets, valued these assets and determined the appropriate methodology for calculating depreciation. GASB 34 also includes changes to financial reporting that is reflected in the City’s 2004 Financial Statements.

2016 Comprehensive Annual Financial Report 

View the entire 2016 Comprehensive Annual Financial Report in PDF format here. 


  • Mayor Piko’s weekly Meet the Mayor meeting is cancelled for Tuesday, May 29. Mayor Piko will be available the following Tuesday, June 5 between 10 and 11 a.m. These weekly meetings provide an opportu...

  • The Centennial City offices, including municipal court, will be closed Monday, May 28 in observance of Memorial Day. City offices will re-open at 8 a.m. Tuesday, May 29.  The City has an online mi...

  • The City of Centennial strives for its residents to live comfortably and remain in the community. Therefore, the City encourages residents to learn about adding Universal Design features in their hom...

  • National Public Works Week (NPWW) is May 20-26 and Centennial is celebrating all week long.  National Public Works Week recognizes the tens of thousands of men and women in North America who provide ...

  • The City of Centennial is accepting applications to serve on the City’s Election Commission . Terms are for three years or until the end of a previously established term in the case of a mid-term va...

  • Starting today through Tuesday, July 17, the City of Centennial is seeking feedback for the Centennial Center Park Master Plan . Please take a brief online survey and share your thoughts on what y...

  • The City of Centennial recognized three outstanding Centennial high school students with Youth Achievement Awards during a City Council meeting last night. The Youth Achievement Award honors and reco...

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City of Centennial
13133 East Arapahoe Road
Centennial, CO  80112

(303) 325-8000 - 24 Hour Citizen Response Center
(720) 488-0933 - Fax Number

 

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