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Prepare Annual Financial Report of County
- §319.11
Advertise Annual Financial Report of
County - §319.11
Report Financial Condition of Certain
Independent County Agencies - §319.11
Assist in Preparation of Annual Financial
Reports - Subdivisions - §117.38 (Inferred)
Prepare Semi-Annual Report of Sinking
Fund Balances - §327.03
Prepare Monthly Financial
Statements - §319.15
The Auditor, as Chief Fiscal Officer of the County, is
responsible for the reporting of the County’s financial position, both monthly and
annually. He must balance every month with the Treasurer and at year end. In his capacity
as Chief Fiscal Officer of various independent Boards and Commissions in the County, he
must perform the same reporting functions.
For the County, the Auditor must prepare the Annual Financial Report in accordance with
Generally Accepted Accounting Principles (GAAP). As county finances are maintained under
the "Cash Basis", the records must be converted to the "Accrual Basis"
before the report can be prepared. This entails preparing schedules of accruals, both
payable & receivable, classifying receipts and expenditures in the appropriate
categories, and consolidating the accounts of several distinct Funds into the appropriate
Fund Groups. The Auditor must also determine which independent county agencies should be
included and which excluded, from the County’s report. In addition, the Auditor may
prepare a Comprehensive Annual Financial Report (CAFR) that must comply with certain
standards established by the Government Finance Officers Association (GFOA).
The several local taxing authorities of the County (schools, townships, municipalities, et
cetera) must also prepare annual financial reports. For those that are required to prepare
their reports in accordance with GAAP the Auditor must provide certain statistical and
valuation information to them. The Auditor must also prepare some of the same information
for the County Report. This information includes the top taxpayers, ten years of
historical information on property values, tax rates, special assessments, and debt
related schedules and computations.
Once the Annual Financial Report is completed, the Auditor must publish it in a newspaper
of general paid circulation in the County. The requirements for publishing are set by
statute and by rules promulgated by the Auditor of State. Copies of the Annual Financial
Report, as well as the monthly financial statements, must be made available for public
inspection in the Auditor’s Office.
The Semi-Annual Report of Sinking Fund Balances is a statement of the condition of
funds of the Sinking Fund necessary for the retirement of all bonded debt incurred by the
County. This semi-annual report is prepared at the conclusion of each of the semiannual
settlements of taxes and assessments. The report reflects the amount in the County
Treasury to the credit of the Sinking Fund.
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