What is the ACFR?
Did you know that for 16 years in a row, the Town of Danville’s Annual Comprehensive Financial Report (ACFR) has received a Certificate in Outstanding Financial Reporting from the Government Finance Officers’ Association (GFOA)?
But what is the ACFR and what does it mean for the Town? Each year, in order to keep track of the financial well-being of the Town of Danville, the Town is audited by an independent financial group. The areas the auditors check include the Town’s governmental activities, major funds and the aggregate remaining in each fund for the July 1 – June 30 fiscal year. The auditors examine the financial statements and processes of the Town, as well as providing opinions on procedures and the overall financial solvency of the Town. This is an intensive process requiring many staff hours to provide the auditors with the financial statements, reports and backup documentation needed for a complete and accurate assessment.
This process culminates in the production of the Annual Comprehensive Financial Report, a wide-ranging document created in accordance with U.S. auditing standards. The ACFR is presented to the Town Council for approval in November.
Once the council has approved the ACFR it is made available for viewing on the Town’s website.