The Case for an Open Data CAFR
We’ve covered the growing support for US state level XBRL several times over the past couple of months, including the move towards local Comprehensive Annual Financial Reports (CAFRs) and the benefits of structured data for municipal bond markets.
This week saw another addition to the debate with publication of a report from The Data Foundation and Workiva: Transparent State and Local Financial Reporting: The Case for an Open Data CAFR.
The report explores why state and local CAFRs should be submitted and published as open data rather than in PDF documents. It summarises the steps necessary to create an infrastructure for open data CAFRs, addresses potential challenges, and outlines the impact of pending federal reforms.
This deep dive into the reasons for and process of bringing true transparency to state-level government in the US is well worth a read. While there are no technological barriers to rolling out an open data model for local government, producing the infrastructure is by no means an easy task. That said, the sweeping benefits to transparency, investment and analysis that open data CAFR’s would bring mean it’s a challenge well worth tackling.
Read the full report here.
