A financial audit of the Town’s activities for the fiscal year ending June 30, 2016 has recently been completed by the accounting firm, Melanson Heath & Co. The Town’s financials received a “clean opinion” or, in other words, Melanson Heath & Co. found that the financial statements were fairly presented in all material respects.
In addition to producing a Comprehensive Annual Financial Report (CAFR), for the first time this year, the Town published a Popular Annual Financial Report (PAFR). This PAFR is presented as a way to provide information about the FY16 financial statements in a more accessible form for Concord residents. Instead of the 131 pages that are included in the CAFR, the PAFR is condensed into 4 pages. It includes a pie chart analysis showing the breakout of FY16 audited revenues and expenses. The General Fund Financial Statements are presented and explained. Since the amount of the Town’s major liabilities, such as debt, pension, and other post-employment benefits (OPEB), are important to Concord’s long-term financial health, graphs are included which put these liabilities into perspective. In addition, the PAFR contains charts depicting how Concord’s spending and taxing levels compare to other neighboring communities.
Both the FY16 Comprehensive Annual Financial Report and the FY16 Popular Annual Financial Report can be viewed by going to the Town’s website (www.concordma.gov) and first clicking on Finance Department and then on Audited Financial Statements or by directly clicking on the following link: http://www.concordma.gov/304/Audited-Financial-Statements.
For more information, please contact Jon Harris, Budget and Purchasing Director, at 978-318-3039 or email@example.com