Page last updated on April 10, 2025 at 3:45 pm
You can also locate additional budget information on B-Clear, City of Bloomington's Open Data Portal.
Annual Comprehensive Financial Report, Annual Financial Report and Federal Audit
State statute requires an annual audit by the Indiana State Board of Accounts. An agency of the executive branch of Indiana government, the State Board of Accounts audits the financial statements of all governmental units within the state, including cities, towns, utilities, schools, counties, license branches, state agencies, hospitals, libraries, townships, and state colleges and universities.
The City of Bloomington publishes three types of annual financial reports to meet state and federal requirements. The Annual Comprehensive Financial Report (ACFR) is a detailed presentation of the City’s financial condition, including government-wide and fund-level financial statements, prepared in accordance with generally accepted accounting principles (GAAP). The Annual Financial Report (AFR) is a more concise, statutorily required report that summarizes the City’s financial activity using a cash-basis format. The Federal Audit, also referred to as the GAGAS/UG audit or the SEFA (Schedule of Expenditures of Federal Awards) report, focuses on the City’s use of federal funds and ensures compliance with federal grant requirements under the Uniform Guidance and Generally Accepted Government Auditing Standards (GAGAS).
Annual Comprehensive Financial Report (requirement effective date 2019).
Annual Financial Report
As required by Indiana law, the Annual Financial Report (AFR) is prepared by the Office of the Controller within 60 days of the close of each year. The AFR, which uses a cash basis method of accounting, provides users with information regarding annual revenues and expenditures, and year-end fund balances for all City funds. Other tables include grant receipts, capital assets purchases, and long-term indebtedness. Please note that all AFRs should be considered archived reports; the information has not been updated since report preparation.