South Ohio News

The Portsmouth community can now access the Annual Comprehensive Financial Report (AFCR) and Popular Annual Financial Report (PAFR) for the Fiscal Year-ended June 30, 2022 (FY22) on the City of Portsmouth website. The City of Portsmouth prepares the two documents under the guidance of Director of Finance and Administration Judie Belanger following the close of each fiscal year.

The ACFR is the City’s official, audited full financial disclosure, reporting on the financial health of the City. It consists of three sections: Introductory, Financial and Statistical. The Introductory section guides the reader through the report. The Financial section presents the basic financial statements and the independent auditors' report. The Statistical section provides financial trends over a ten-year period. The PAFR extracts and summarizes financial information from the ACFR and is presented in a more visual, interactive and easy-to-read format for readers with various levels of financial knowledge. The PAFR also highlights various programs and ways for citizens to stay engaged with the community. 

In presenting the two reports to the public, Director Belanger noted, “The Finance Department constantly strives to provide a clear, transparent and understandable report on the City’s finances to the citizens of Portsmouth. We hope taxpayers find the PAFR especially helpful in explaining the more complex aspects of the City’s financial statements.”

City Manager Karen Conard commented, “I commend the City Council and their continuing long-term fiscal management policy decisions that direct City efforts to provide the sound financial practices that contribute to our Standard and Poor’s AAA bond rating that we have maintained for eleven years in a row.”

Original source can be found here.