Financial reporting – Audits
Annually, two types of financial audits are produced by the City.
City wide and fund financial statements are prepared for City operations in accordance with Generally Accepted Accounting Principles (GAAP). These detail the City’s, and other component entities’, financial activity and position. Audits are conducted by an independent firm of Certified Public Accountants annually and their opinion is attached. Digital copies of these can be obtained by clicking on the links below labeled City.
- Unlike the private sector, governmental financial reporting is done utilizing fund accounting. A fund is a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and equities, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. The primary fund utilized to account for general city operations is the General Fund.
- Special Bond Compliance auditing is done on the City of Montclair Successor Agency. These cover all of the bond transactions and flow of redevelopment property tax monies to the bond trustees and taxing entities. Again, audits are conducted by an independent firm of Certified Public Accountants and their opinion is attached. Digital copies of these can be obtained by clicking the links below labeled Successor Agency Bond Report.
Hard copies of these can be requested from the Finance Department located within City Hall.
City Independent Audits Successor Agency Bond Audit Report