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Office of the Comptroller files Fiscal Year 2022 Annual Comprehensive Financial Report

The cover of the Fiscal Year 2022 Annual Comprehensive Financial Report

Today, Comptroller of the Commonwealth William McNamara announced the filing of the Commonwealth’s Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2022, the period that ended June 30, 2022.


Among the major highlights published in the ACFR:

The full report can be found online at

The ACFR includes an auditors’ report prepared by the Commonwealth’s independent auditors, CLA (CliftonLarsonAllen, LLP).

Said Comptroller William McNamara, “The Annual Comprehensive Financial Report provides an accurate and complete picture of the Commonwealth of Massachusetts – and reflects the sound condition of state finance.  I wish to thank Assistant Comptroller & Chief Financial Reporting Officer Pauline Lieu, Deputy Chief Financial Reporting Officer Tamia Buckingham, Senior Advisor Howard Merkowitz, and the staff of the Statewide Financial Reporting Team.  Their skill, commitment to accuracy, and plain hard work are evident in this report.  I also thank the financial and administrative professionals in every department across the Commonwealth, who work year-round to execute the state’s financial processes with skill and dedication.”

About the Annual Comprehensive Financial Report

The ACFR is prepared in accordance with Generally Accepted Accounting Principles in the United States of America, as defined for governments by the Government 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 entry, in a format that makes the report easily compared to other states.  The ACFR incorporates activity from over 150 departments, including the various agencies, boards, and commissions, the 25 institutions of higher education, the judicial and legislative branches of government, constitutional offices, as well as 41 separate, independent public authorities.

This 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.