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Authorizing Revision to the Kane County Accounting, Auditing, and Financial Reporting Policies
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WHEREAS, the Kane County Financial Policies require that the County prepare annually a Comprehensive Annual Financial Report, and
WHEREAS, on October 29, 2021, the Governmental Accounting Standards Board (GASB) issued “Statement No. 98, The Annual Comprehensive Financial Report”, changing the name of Comprehensive Annual Financial Report to Annual Comprehensive Financial Report (ACFR), and
WHEREAS, the Kane County Financial Policies should properly reflect the name of reports, and
WHEREAS, the following policy is hereby established:
It shall be the intent of the County to prepare annually an, Annual Comprehensive Financial Report (ACFR) to be presented to the Board no later than 180 days after year-end. The ACFR should be audited by an independent CPA firm experienced in governmental auditing. It shall be the further intent of the County to present its ACFR to the Government Finance Officers Association to receive the Certificate of Excellence award in financial reporting. If at any time the County will not receive an unqualified opinion from the CPA firm, the CPA firm and the Finance Director will notify the Board prior to the issuance of the report.
NOW, THEREFORE, BE IT RESOLVED by the Kane County Board that the Kane County Financial Policies be revised as per the attached Exhibit.
Passed by the Kane County Board on May 14, 2024.
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John A. Cunningham, MBA, JD, JD Corinne M. Pierog MA, MBA
Clerk, County Board Chairman, County Board
Kane County, Illinois Kane County, Illinois
Vote: