What does the CAFR balance sheet generally not include?

The Comprehensive Annual Financial Report (CAFR) balance sheet typically focuses on summarizing the financial position of the government entity by presenting its assets, liabilities, and net position. The combining individual fund financial statements represent a detailed aspect of the financial reporting process, where the results of individual funds are aggregated. These individual fund statements provide a deeper insight into the financial activities of each specific fund rather than the overall financial position of the government entity itself as reflected on the CAFR balance sheet.

The balance sheet usually includes assets measured at fair value, reflecting the current market conditions and providing a more accurate representation of what those assets are worth at a given point in time. Liabilities related to pension obligations are also included, as they represent significant long-term obligations that the government entity is responsible for. Additionally, deferred inflows and outflows of resources are included in the balance sheet as they impact the government's overall financial health and performance.

Thus, combining individual fund financial statements, while important for comprehensive financial reporting, does not appear on the CAFR balance sheet itself, which maintains its focus on the aggregate financial position rather than detailed fund-level information.