The Service Authority is required to have its financial records audited annually by an independent accounting firm. Once the annual audit is complete, the Service Authority issues its Annual Audit Report or Annual Comprehensive Financial Report (ACFR). The ACFR comprises the Service Authority’s actual audited revenues and expenditures and presents the Service Authority’s financial position at the end of the fiscal year. The ACFR is also useful in the preparation of the Service Authority’s budget in subsequent years as it can be used as a model for future predictions of the Service Authority’s revenues and expenditures. To view the Service Authority’s budget documents, please visit here.
What is in a ACFR or Annual Audit Report?
The ACFR is presented in four sections:
Introductory Transmittal letter with a general overview of the organization
Financial Independent auditor’s report, containing management’s discussion and analysis, fund financial statements, combining financial statements and schedules, and more
Statistical Additional financial, economic and demographic information
Compliance Independent auditor's report on internal control over financial reporting, compliance and other matters