For first time in several years, Richmond completes annual financial report on time

RICHMOND, Va. (WRIC) — Mayor Levar Stoney announced Monday evening that the city completed its 2017 Comprehensive Annual Financial Report (CAFR) on time or before the state-imposed deadline for the first time in four years.

The report is due every year to the Virginia Auditor of Public Accounts on Nov. 30. The 2015 and 2016 CAFRs were filed nearly a year and five months late.

The filing of this report on time fulfills a campaign promise and inaugural commitment from Stoney.

“Your government is now working better and more efficiently,” Stoney said. “We made this a top priority this year, and the Finance Department did a tremendous job. I am pleased to provide the state’s Auditor of Public Accounts and our City Council with timely audited financial statements that show Richmond is moving in the right direction.”

The CAFR consists of financial audit statements completed in compliance with the accounting and financial reporting standards established by the US Governmental Accounting Standards Board (GASB).

“The 2017 CAFR shows Richmond now stands squarely on solid financial ground,” Deputy Chief Administrative Officer Lenora Reid said.

The full finance report can be found here. 

This is a developing story. Stay with 8News online and on air for the latest updates.

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