As a result, the Government Finance Officers Association (GFOA) encourages state and local governments to issue a popular annual financial report (PAFR) to supplement the CAFR by providing a less detailed overview of a governments financial activities.
Before the Utah Retirement Systems (URS) started preparing a popular annual financial report (PAFR), ft routinely got requests for financial information from members (both active and retired), participating employers, legislators, other retirement systems, and others.
URS decided that a popular annual financial report met all those requirements.
To further enhance transparency, many state and local governments also produce a popular annual financial report, which is, ideally, logical, easy to understand, and short enough to maintain user interest.
As the Government Finance Officers Association (GFOA) website says, "The popular annual financial report can play an important role in making financial information accessible to ordinary citizens and other interested parties who may be challenged by more detailed traditional financial reports.
As an example, Exhibit 1 shows the cover of the popular annual financial report the City of Durham, North Carolina, produced for the fiscal year ended June 30, 2010.