Annual Financial Reports
The Comprehensive Annual Financial Reports are available in PDF format. Please note that the documents are large and may take some time to open.
- View the 2019 Comprehensive Annual Financial Report (CAFR) (PDF)
- Review the 2019 DCED Annual Audit and Financial Report (PDF)
- Access older documents in the Annual Financial Reports Archive
Governmental Accounting Standards Board Statement 34 (GASB 34)
GASB 34 established a whole new financial reporting framework for state and local governments. The result is the biggest change in the history of public sector accounting and financial reporting. It is intended to improve financial reporting by adding significant additional information not previously available in local government financial statements.
In the past, financial reporting focused on fund types (e.g., special revenue funds, capital projects funds) and short-term annual goals. Under the new financial reporting model, these fund-based statements are complemented by a set of government-wide financial statements that for the first time present the government as a single, unified entity, while providing additional long-term focus for governmental activities. The government-wide financial statements will include a Statement of Net Assets that provides the total net equity of the Township including infrastructure and a Statement of Activities that shows the cost of providing government services. These new statements combined with other information will be further analyzed in a new narrative section called Management's Discussion and Analysis (MD&A).
General fixed assets and long-term debt will no longer be shown as account groups, but appear as assets and liabilities in the government-wide financial statements. One of the changes brought about by GASB 34 is its requirement to capitalize and depreciate most capital assets. The Finance Department is currently in the process of identifying and classifying the Township's assets and infrastructure to comply with GASB 34. Infrastructure includes streets, drainage, sewage systems, traffic signals, and so forth.
Although GASB 34 financial statements are longer and more complex, the goals are to improve financial reports, to enhance awareness of fiscal issues facing state and local governments, and to recognize the importance of adequately maintained infrastructures.