What type of financial reports are CMFOs typically responsible for preparing?

CMFOs are primarily responsible for preparing Annual Reports, which are comprehensive financial statements that summarize the municipality's financial performance over the fiscal year. These reports provide a detailed overview of the municipality's revenues, expenditures, assets, and liabilities, ensuring transparency and accountability to the public and governing bodies.

Annual Reports are essential for compliance with state regulations, and they often serve as a key tool for planning and budgeting for the subsequent fiscal year. Additionally, the format and content of these reports are typically standardized, allowing for uniformity across municipalities, which helps in comparing financial health and practices.

While interim, quarterly, and monthly reports can also be valuable for monitoring financial performance and aiding in decision-making throughout the year, the Annual Report is the formal document that provides a complete picture of a municipality's financial condition, meeting legal requirements and fulfilling the need for public disclosure.