As required by the Code of Virginia, the Town produces an Annual Comprehensive Financial Report (ACFR) within 180 days of the end of each fiscal year. All localities in Virginia are required to follow a July 1 through June 30 fiscal year and are required to have an annual audit performed as of June 30 by an independent auditor. The independent auditor provides a detailed written report and presents their findings to the Town Council by December 31.
The Government Finance Officer’s Association (GFOA) established the Certificate of Achievement for Excellence in Financial Reporting program in 1945 to assist state and local governments in providing financial reports that evidence the spirit of transparency. The Town has been awarded this certificate annually since 1993.