CAFR & Component Units

Library ShelvesThis is a follow up to previous posts about DeKalb Public Library (DKPL), here and here, in which I posed questions about audits of DKPL and whether the failure to estimate six types of revenues in its budget for several years ever sent up red flags for the auditor of the City of DeKalb’s Comprehensive Annual Financial Report (CAFR).

Here are the facts:

  • The ONLY audit of DKPL is through its participation in the City of DeKalb’s CAFR.

  • The City of DeKalb collects documents from DKPL for the CAFR, nothing more.

  • Belonging to a discretely present component unit (DPCU; also discrete component unit), the Library Fund — unlike every other DeKalb municipal fund — is exempt from turning in budget statements.

I’ve heard whispers that DKPL would like to become its own unit of government. That would be keen. Not only would a proposal for a new library go to referendum, we could vote for board members AND we’d get complete CAFRs.

Dee Coover, director, DeKalb Public Library
Ted Kosinski, comptroller/treasurer, City of DeKalb
City of DeKalb CAFRs, 2004-2009
DKPL expenditures, 2007-2009
DCPU info (PDF)
GASB & CAFR from
Anatomy of a CAFR (PPT) by Karen Tenace, CPA, CMA. (GAAP=generally accepted accounting principles.)