GFOA CAFR - 300x200State law requires the Village to publish financial statements presented in conformity with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants.  Pursuant to this requirement, the Village issues a Comprehensive Annual Financial Report (CAFR) each year in November in accordance with the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting program.

The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual  governments that succeed in achieving that goal.