Annual Financial Report - Comprehensive
County governments in Michigan are required by State law (P.A. 2 of 1968) to be audited annually and to produce basic financial statements. An Annual Financial Report - Comprehensive is an audited public document that contains the required financial statements and accompanying notes. In addition, the report includes narrative information from a government’s management describing the financial condition of the government. It also includes detailed economic, demographic and statistical information.
Annual Financial Report - Comprehensive Process
Governments are encouraged to create an Annual Financial Report but because of the amount of effort involved are not required to do so. Washtenaw County prepares the report annually, which is available from the Finance Department as well as on this website. A review of the Annual Financial Report enables taxpayers to evaluate the proper use of public funds. The Annual Financial Report is used extensively by bond rating agencies, underwriters and bondholders to assess the investment risk of a government.
To encourage governments to create Annual Financial Reports that are easily readable and efficiently organized, the Government Finance Officers Association of the United States and Canada (GFOA) asks that governments submit their Annual Financial Reports for review by the GFOA. If the content and format meet the high quality standards established by the GFOA, it will award a Certificate of Achievement for Excellence in Financial Reporting to that government. Washtenaw County has been awarded this Certificate of Achievement for its Annual Financial Reports every year since 1990.