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Finance staff explain ACFR vs. budget differences; audit on track
Summary
Finance staff told the committee the audit is on schedule and explained that differences between the Comprehensive Annual Financial Report (ACFR) and budget arise from accounting conventions (depreciation, encumbrances, timing) and reserve usage; members asked for reconciliations for multi‑year comparisons.
Finance department staff updated the Annapolis Finance Standing Committee on Oct. 1 that the audit is on target and that staff are preparing budget-to-actual reports for the council. Committee members pressed for clarity on why ACFR figures appear to differ substantially from budget figures over time.
A finance represent…
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