Each year the City of Hagerstown's Finance Department issues a comprehensive annual financial report (CAFR). This report represents and reflects upon the city's financial operations and condition to the city's residents, its elected officials, management personnel, financial institutions, city bondholders, rating agencies and all other parties interested in the financial affairs of the city. The CAFR is prepared in accordance with generally accepted accounting principles (GAAP) and includes financial statements audited by an independent public accounting firm.
Each year the City of Hagerstown's Finance Department issues a popular annual financial report (PAFR). This report extracts summarized data from the CAFR. This report is specifically designed to be readily accessible and easily understandable to the general public and other interested parties.