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Office of the Comptroller files Fiscal Year 2024 Annual Comprehensive Financial Report

Annual Comprehensive Financial Report Fiscal Year Ended June 30, 2024

Today, Comptroller of the Commonwealth William McNamara announced the filing of the Commonwealth’s Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2024, the period that ended June 30, 2024. Among the major highlights published in the ACFR:

The full report can be found online at https://www.macomptroller.org/annual-comprehensive-financial-reports/.

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

Said Comptroller William McNamara, “The Annual Comprehensive Financial Report shows the continued strong financial condition of the Commonwealth of Massachusetts at the end of Fiscal Year 2024.  The report reflects the work done by the Administration, the Legislature, and departmental staff throughout the Commonwealth, to steward and report on public funds in a transparent and complete manner.  I want to thank the Statewide Financial Reporting Team, led by Assistant Comptroller & Chief Financial Reporting Officer Pauline Lieu, Deputy Chief Financial Reporting Officer Tamia Buckingham, and Senior Advisor Howard Merkowitz, who work tirelessly year after year to organize, analyze, and present this insightful and detailed reporting.”

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 comparable to other states.  The ACFR incorporates activity from more than 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.

About the Office of the Comptroller

The Office of the Comptroller of the Commonwealth of Massachusetts (CTR) is an independent and apolitical agency charged with overseeing the Commonwealth’s financial systems, preparing the annual financial reporting, and managing the external single audit process.  In addition, CTR oversees the Commonwealth’s general ledger, payroll and vendor management, trains state employees on risk mitigation, and operates the Commonwealth’s financial system.

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.