The Finance Department safeguards Herriman City’s assets and supports operations by maintaining a fiscally-sound organization that meets legal requirements and Generally Accepted Accounting Principles, while controlling and reporting the financial resources.
The department keeps a consistently updated record of the City’s funds and debts through monthly audit preparation and account reconciliation. With meticulous record keeping, the Finance Department keeps a transparent report to the public of taxpayer funds through the annual budget report and Comprehensive Annual Financial Report. Also available is an abbreviated, reader-friendly format in the Popular Annual Financial Report.
Herriman City's fiscal year is from July 1-June 30. The City Council approves the budget prior to the beginning of each fiscal year. A tentative budget is produced in the spring prior to adoption, which includes a period for residents to review and provide public comment on the budget. Though the document is lengthy, the City aims to make it digestible to those who are unfamiliar to government finance.
The Comprehensive Annual Financial Report is completed each fiscal year to publicly report the City's finances.
A companion to the CAFR, the PAFR is a shorter, more digestible summary of Herriman City finance for the previous fiscal year. It is ended to be friendly to everyday residents who may be unfamiliar with government finance.