RUMOR:
The Finance Department Hides Everything
FACT:
This rumor is not true. The City of Fountain Finance Department works hard to produce and publish an Annual Comprehensive Financial Report (ACFR) every year. This financial report is the Finance Department sharing everything it has done for the previous year. The Finance Department starts this process every year in January to meet the legal deadline, June 30th. It begins with a preliminary interim audit by independent auditors that review the organization’s financial systems and processes. The finance team then begins preparing financial records by finalizing prior year transactions and reviewing numbers to ensure they are accurate and complete in order to prepare reports and schedules in accordance with Government Accounting Standards (GASB). Auditors then return to city hall each April to review the completed financial information, test internal controls to confirm public funds are properly managed, and verify the report is accurate, consistent, and compliant. Several weeks after the onsite audit field work, auditors provide a Draft Annual Comprehensive Financial Report (ACFR) that our staff carefully reviews for accuracy and clarity. City of Fountain staff members then add required statistical and historical information to ensure the report meets standards for national recognition and transparency. The report is sent back to the auditors for any requested corrections and then the Annual Comprehensive Financial Report (ACFR) is finalized. The City’s Finance Director submits the final report to required regulatory agencies, the State Auditor’s Office, and the Government Finance Officers Association (GFOA) for the annual Certificate of Achievement for Excellence in Financial Reporting.
The work completed by the City of Fountain Finance Department has earned the city a Certificate of Achievement for Excellence in Financial Reporting year after year since 2009. The city earned its latest Certificate of Achievement for Excellence in Financial Reporting in 2025 for its 2023 ACFR, and another award is expected this year for the 2024 ACFR. To earn the GFOA Certificate of Achievement, a small government must go beyond basic bookkeeping to produce an Annual Comprehensive Financial Report (ACFR) that is both transparent and educational. The Certificate of Achievement is the highest form of recognition in government accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. To learn more about the award click on the following link: Government Finance Officers Association. You can find the city’s previous ACFR’s on the city’s Finance page.
Published: 02-11-2026