For the City of Las Vegas, financial reporting has typically been viewed as a complex, time-consuming, and challenging task. For years, the need to ensure financial data was accurate and consistent filled the work-hours of numerous employees within the city’s Finance Department.
The development of the city’s Comprehensive Annual Financial Report (CAFR) was a particularly labor-intensive affair. To complete the CAFR and other major financial reporting documents, the Finance Department used Word and Excel files, conducted manual reconciliations on a whiteboard, and relied heavily on the knowledge of a long-term employee to understand year-over-year information and assumptions.
In 2015, given the rapid increase in public scrutiny of municipal finances combined with the desire to make processes more efficient, cost-effective and transparent, the Finance Department decided to implement a tool to help improve its financial reporting.