Comprehensive Annual Financial Report

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(PDF, 2MB). 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(PDF, 2MB) 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 GASB Statement 34 known as GASB 34(PDF, 2MB). 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(PDF, 2MB) also includes changes to financial reporting that is reflected in the City’s 2004 Financial Statements.

2022 Comprehensive Annual Financial Report 

View the entire 2022 Comprehensive Annual Financial Report(PDF, 17MB).