The State, under the authority of the Commissioner of Finance and Management, is required to produce a Comprehensive Annual Financial Report (CAFR) detailing the fiscal health of State Government and disclosing information in accordance with Generally Accepted Accounting Principles (GAAP), and Government Accounting Standards Board requirements. The CAFR is coordinated and consolidated by the Department of Finance and Management in cooperation with the financial staff across the many agencies and departments of the State. The CAFR requires the inclusion of a written opinion rendered by a Certified Public Accountant (CPA); the opinion is the result of an audit of the CAFR performed by the CPA. Under the Federal Uniform Guidance (2 CFR Chapter I, Chapter II, Part 200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards) the State is required to engage a CPA to perform an audit (a.k.a.. Federal Single Audit) of federally funded programs which meet certain criteria. The resulting report, including findings and management responses, is submitted to the Federal Clearing House, the Governor, and the Legislature. Both the CAFR audit and the Federal Single Audit are performed under the authority of the State Auditor of Accounts. These and other audit reports are available on the State Auditor of Accounts’ Website. Most reports produced by State agencies and departments are available on their individual websites.
The State of Vermont, and the Department of Finance and Management, are very proud to have been awarded, since FY 2008, the Certificate of Achievement for Excellence in Financial Reporting for the CAFR. This certificate is awarded by the Government Financial Officers Association of the United States and Canada (GFOA). The Certificate of Achievement is the highest form of recognition for excellence in state and local government financial reporting. To be awarded a Certificate of Achievement, a government must publish an easily readable, and efficiently organized, comprehensive annual financial report. This report must satisfy both generally accepted accounting principles (GAAP) and applicable legal requirements.