Municipal Budget Documentation

Financial Reports for the City of South Portland

  • The Annual Comprehensive Financial Report (ACFR) is the audited financial statements of the City. The statement is compiled from a review by a certified accounting firm utilizing Governmental Accounting Standards Board (GASB) requirements.
  • The City receives a significant amount of federal grant funding each year so is required to comply with Federal rules related to audit requirements.  A non-Federal entity that expends $750,000 or more in Federal awards during the entity's fiscal year must have a single audit conducted for that year. Formerly konwn as the "A-133 Audit", it is now titled the Uniform Guidance Financial Report.
  • Maine requires the annual financial audit to include a verfiication of the information schools submit to the State Department of Education regarding their expenditures. This information is transmitted electronically through the State's NEO system, which is reconciled to the school's accounting records by the auditors. School Statement of Assurances

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