The Finance Department annually prepares and issues several financial reports summarizing the Town's financial activities for the fiscal year. Beginning with the fiscal year ended June 30, 2017, the Town has prepared a Popular Annual Financial Report (PAFR). This report extracts information from the comprehensive annual financial report, and is designed to be readily accessible and easily understandable to the general public and other interested parties without a background in public finance.
Maine law requires that the basic financial statements, as defined by generally accepted accounting principles, be audited and that an independent auditor issues a report on them. The Town of Brunswick produces an Annual Comprehensive Finance Report (ACFR), which goes beyond the basic financial statements, and complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB).
Annual Comprehensive Financial Reports (ACFR)
The ACFR encompasses all funds, account groups, and any component units of the Town of Brunswick. Prepared by the Brunswick Finance Department, and audited by the Town's independent auditor, the ACFR is comprised of three sections; introductory, financial, and statistical:
- The introductory section, which is unaudited, includes a letter of transmittal, an organizational chart, a list of the Town's principal elected and appointed officials, and the independent auditor opinion.
- The financial section, the core of the ACFR, includes the basic financial statements as well as the independent auditor's report on them. It also include management's discussion and analysis (MD&A) and other required supplementary information (RSI).
- The statistical section, which is unaudited, includes selected financial and demographic information, generally presented on a multi-year basis.
Popular Annual Financial Report (PAFR)
The PAFR is a reader-friendly version of the Town's financial report, but as it provides only selected and summary information, it should not be depended upon as a complete or authoritative picture of the Town's financial situation. Readers are encouraged to refer to the ACFR for more detailed information.
The ACFRs and PAFRs listed are presented for archival purposes only. They reflect information at the time they were prepared and only for the period indicated. Readers are cautioned that the financial condition of the Town will have changed, perhaps materially, from that presented in these reports. Those seeking more recent, or additional, financial information should call the Finance Department at 207-725-6652.
The Town of Brunswick's independent auditor prepares reports on internal control over financial reporting in accordance with Government Auditing Standards, and on compliance for each major federal program as required by the Federal Office of Management and Uniform Guidance (formerly Budget Circular A-133).
Reports Required by Government Auditing Standards & Uniform Guidance
The Reports consist of two separate reports prepared by the Town of Brunswick's independent auditors:
- Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards
- Independent Auditor's Report on Compliance for Each Major Program and on Internal Control over Compliance Required by the Uniform Guidance (Formerly Called Budget Circular A-133)
The Town's independent auditor prepares a letter to management reporting on the annual audit:
Continuing Disclosure Certificates and Statements
In compliance with the Securities Exchange Commission's Rule 15c2-12 for underwriters, the Town issues Continuing Disclosure Certificates with respect to its bonds, and commits to preparing an annual Continuing Disclosure Statement. This report provides updated financial information and operating data of the type presented in the Official Statements which were prepared in connection with the bonds, and which Statements provide information for the interests of the beneficial owners of the Town's bonds. The reports are filed with the Municipal Securities Rulemaking Board (MSRB) through its Electronic Municipal Market Access System (EMMA) within 270 days of the Town's fiscal year end. In years when the Town issues bonds, the Official Statement takes the place of the Continuing Disclosure Statement.