Financial Statements
The City’s audited financial statements reflect the City’s financial condition in all material aspects as of the end of the fiscal or calendar year. The primary financial statements and budget to actual schedules for significant city funds, are located within the Annual Comprehensive Financial Report (ACFR), and presented in more detail with links identified below. Additionally, separately issued audited comparative financial statements are presented for the Metro Transit and Water Utility funds. An audited report on the City’s federal and state awards documents the grants received along with expenditures by major program during the relevant fiscal or calendar year. Further, the City issues annually, separate audited financial statements for each active tax increment district (TIDs). Lastly, separate audited financial statements are also presented for related and third-party entities of the City, including the Community Development Authority, Olbrich Botanical Society , Public Health of Madison and Dane County, and the Library, Olbrich, and Parks Foundations.
The City’s financial statements are reviewed by an external auditor selected by the City through a periodic request for proposal process. The external auditor reviews the accuracy of the information and the City’s internal controls and standard operating procedures related to recording financial information, and provides an opinion based on auditing standards. For further details on this process, review the External Audit Overview presentation.