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Meeting Notification: Meeting of the Advisory Board to the Comptroller – May 31, 2023 at 12:00pm

The text "Advisory Board to the Comptroller / Meeting Notification" and the Seal of the Office of the Comptroller

WHO: The Advisory Board to the Comptroller

WHAT: Meeting to review Annual Comprehensive Financial Report for Fiscal Year 2023

WHEN: Wednesday, May 31, 2023 at 12:00pm

WHERE: Virtually, via Zoom
Dial-in: (929) 205-6099
Meeting ID: 826 2426 8370
Passcode: 159711

The Advisory Board to the Comptroller (the “Board”) will hold a virtual meeting on Wednesday, May 31, 2023 via Zoom.  The Board is expected to review a draft of the Annual Comprehensive Financial Report for Fiscal Year 2023, which is prepared by Office of the Comptroller staff and audited by the state’s independent external auditors, CliftonLarsonAllen, LLP (CLA).  The meeting is a public meeting subject to the Open Meeting Law.

The formal meeting notification is available at this link.

The Annual Comprehensive Financial Report (ACFR) is prepared in accordance with Generally Accepted Accounting Principles in the United States of America, as defined by the Governmental Accounting Standards Board.

The objective of the ACFR is to provide a clear financial picture of the government of the Commonwealth of Massachusetts as a single, unified entity, in a format that makes the report easily comparable to that of other states.  The report presents the Commonwealth’s financial information on two bases of accounting, each serving a different purpose:

  1. The fund perspective statements present governmental operations on a modified accrual basis of accounting, or “fund perspective,” which shows how the Commonwealth is able to meet its short-term obligations through “currently available resources.”
  2. The government-wide perspective combines all government and business-type activities in a statement of net position and a statement of activities, presenting all functions on a full accrual basis of accounting, including long-term assets such as capital assets and long-term liabilities such as debt and retiree pensions and health insurance benefits.

About the Advisory Board to the Comptroller

The Board was created pursuant to M.G.L. c. 7A, § 2.

The Board meets to provide advice and counsel to the Comptroller in the performance of his duties.  The Board shall be responsible for reviewing any rules or regulations promulgated by the Comptroller prior to their implementation.  The Board shall also review, prior to publication, the annual financial report of the Commonwealth, published by the Comptroller.

About the Office of the Comptroller

The Office of the Comptroller ensures that the more than $50 billion in annual transactions authorized by the general appropriations act and supplemental appropriations are executed in accordance with all statutory requirements and recorded in compliance with accounting standards.  We also oversee capital assets, federal funding inflows, and other transactions.  We also own and maintain statewide payments and payroll systems, safeguarding critical financial information.  We operate in support of our partners, the financial staff at more than 150 departments and agencies across the Commonwealth.

As stewards of the public trust, we aspire to inspire confidence by maintaining our core principles: clarity, integrity, and accountability.

The powers and obligations of the Office of the Comptroller are generally dictated by M.G.L. c. 7A.

The Comptroller of the Commonwealth is William McNamara, who has served as the 20th Comptroller since February 2020.