At what level of detail must budgetary comparisons be presented within the CAFR for a nonmajor special revenue fund with a legally adopted annual budget?

Budgetary comparisons within the Comprehensive Annual Financial Report (CAFR) for a nonmajor special revenue fund with a legally adopted annual budget must be presented at the legal level of control. This level refers to the level at which the legal authority to set appropriations and expenditures exists, as determined by local laws or regulations.

The legal level of control ensures that the budget is adhered to in a manner consistent with legal requirements, providing transparency and accountability. This requirement is particularly important for nonmajor special revenue funds, which may be more limited in scope but still need to demonstrate compliance with approved budgets.

Presenting budgetary comparisons at the legal level of control allows for a clear depiction of budget variances and how actual expenditures relate to what was legally appropriated. This provides stakeholders with an accurate understanding of fiscal compliance and budget management within the fund.