Comprehensive Annual Financial Report (CAFR)
The City annually produces a Comprehensive Annual Financial Report (CAFR) that meets the Government Finance Officer Association's criteria for a Certificate of Achievement in Financial Reporting. This report consists of Management's representations concerning the finances of the City of Soldotna. Management assumes full responsibility for the completeness and reliability of the information presented in the CAFR.
Our website contains electronic copies of the City CAFRs for convenience and informational purposes only. While reasonable efforts have been made to ensure the integrity of these electronic financial statements, they should not be relied upon. A copy of the printed financial statements will be provided upon request.
In accordance with Section 29.35.120 of Alaska Statutes, an annual audit is conducted each year by an independent CPA to ensure that the CAFR presents fairly, in all material respects, the financial position of the City.
Popular Annual Financial Report (PAFR)
The City began producing a Popular Annual Financial Report (PAFR) in Fiscal Year 2010. The PAFR is a brief summary of the City's Comprehensive Annual Financial Report (CAFR). The purpose of this report is to communicate the City’s financial position to the taxpayers.
The PAFR also provides information about Soldotna’s demographics, elected officials, administration, capital projects and other miscellaneous data.
Annual Budget Reports
Annual budgets are adopted on a basis consistent with generally accepted accounting principles (GAAP) for the General Fund, Special Revenue Funds, Equipment Replacement Fund, and Trust Fund. The annual budget serves as the foundation for the City's financial planning and control.
The Finance Director shall administer the financial affairs of the City and to that end shall supervise and be responsible for the disbursement of all moneys and have control over all expenditures to insure that appropriations are not exceeded.
The budget process begins in January each year when the Finance Department distributes a budget packet to each department. Personnel budgets are prepared by the Finance Department while Department Heads and Division Managers prepare their preliminary requests for the upcoming year. Departmental requests are submitted to the Finance Director at the beginning of February. After requests are reviewed and consolidated, the City Manager and Finance Director hold meetings with each Department Head and Division Manager. The dialog at these meetings focuses on Departmental needs in balance with the overall needs of the City. Any additional changes are made and the Administration's recommended budget for the upcoming fiscal year is presented to Council.
Work sessions, which are open to the public, are conducted to discuss the Proposed Operating Budget and to obtain taxpayer comments. After completion of these work sessions and after all changes to the proposed budget document are made, the budget document is legally enacted by passage of an ordinance by the City Council.