Annual Comprehensive Financial Report (ACFR)
State law and local ordinance requires the Village to complete a set of financial statements which are presented in conformity with generally accepted accounting principles (GAAP) within six months following the close of the fiscal year.
The report is a culmination of the past year’s financial activity and is the formal mechanism used to communicate to the public the financial status of the Village and its compliance with the intentions of the Village Board and applicable laws. These financial statements are audited by a licensed certified public accounting firm in accordance with generally accepted auditing standards. The Village’s fiscal year runs May 1 through April 30.
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Popular Annual Financial Report
The purpose of a Popular Annual Financial Report (PAFR) is to summarize key information regarding the municipal government’s initiatives, and major projects in an easy to read format. The twelve-page report pulls highlights from the budget, audit, and strategic plan to showcase the state of the Village.
Certificate of Achievement
The Village of Winfield has received the Certificate of Achievement (COA) for Excellence in Financial Reporting award from the Government Finance Officers Association (GFOA) since 1995. This award recognizes communities that go beyond the minimum requirements of generally accepted accounting principles to prepare a report that evidences the spirit of transparency and full disclosure.
The Village of Winfield has received the Award for Outstanding Achievement in Popular Annual Financial Reporting (PAFR) from the GFOA since2016.
These awards are valid for a period of one year only. We believe that our current ACFR and PAFR meet the COA program's requirements and have submitted to GFOA to determine their eligibilities for these certificates.