Section 12 Annual reports
Section 12. (a) All reports published pursuant to this section shall be filed with the governor, the secretary of administration and finance, the house and senate committees on ways and means and the clerks of the house and senate, and any other parties specified in general or special law.
The comptroller shall prepare an annual statutory basis financial report based on the final closing of the accounting records. Such statutory basis financial report, so called, shall be published not later than October 31 of each year.
The report shall present fairly the aggregated financial statements for the budgeted governmental funds, the non-budgeted governmental funds, the capital project governmental funds, the proprietary funds, the fiduciary funds, and the general fixed assets and general long-term obligations account groups; such statements shall be audited in accordance with generally accepted auditing standards and generally accepted governmental auditing standards, and the report of the auditor shall be included.
The comptroller shall include, supplemental to the aggregated financial statements in the statutory basis financial report, a statement of the consolidated net surplus in the budgetary funds for the preceding fiscal year, and the amount by which such surplus exceeds 1/2 per cent of the total amount of state tax revenues as defined in chapter 29B, the amount in the Commonwealth Stabilization Fund at the close of the preceding year, and the amount by which such amount exceeds 7.5 per cent of the budgeted revenues and other financial resources pertaining to the budgeted funds.
Accompanying the statutory basis financial statements the comptroller shall include financial statements for such individual funds as have been established by law, and combining statements for such funds, including but not limited to a statement that compares the budget to final operations for each fund subject to appropriation. In addition, the comptroller shall publish a supplementary schedule to the statutory basis financial report of the balances, revenues, and expenditures of the non-appropriated funds maintained by each public institution of higher education.
The comptroller may include such narratives, statistical tables, and other disclosures and reference material in the statutory basis financial report as are recommended by the general court, the auditors, or as are common in general practice and that he deems appropriate in his professional judgment; provided, however, that such disclosures shall include a statement of obligations and expenses incurred by the commonwealth for bond counsel and bond underwriting for such fiscal year, and a statement of all agreements for debt collection services, revenue optimization projects, and cost savings projects.
The comptroller shall produce a set of revenue and expenditure records for each account that comprises the underlying detail to the statutory basis financial report. This revenue and expenditure account detail, so called, shall be available to any party upon request.
(b) The comptroller shall prepare an annual federal funds report based on the final closing of the accounting records. Such final federal funds report, so called, shall be published not later than the second Wednesday in January. The report shall present fairly all federal funds received by each agency and department during the fiscal year. Said report shall include for each program of federal financial participation the opening balances, revenues, and other sources, expenses and other uses, and ending balances for the fiscal year. The final federal funds report shall be audited in conjunction with the state single audit and the report of the auditor shall be included.
(c) The comptroller shall prepare a comprehensive annual financial report in conformity to generally accepted accounting principles. Such comprehensive annual financial report, so called, shall be published not later than the second Wednesday in January. The report shall present fairly the general purpose financial statements of the commonwealth and related notes and other reference material, in conformity to generally accepted accounting principles. The general purpose financial statements and related notes and other reference material required by generally accepted accounting principles shall be audited in accordance with generally accepted auditing standards and generally accepted governmental auditing standards and the report of the auditor shall be included.
The comprehensive annual financial report shall include a statement showing the medicaid liability and a statement showing the total medicaid liability, whether paid or unpaid, measured pursuant to generally accepted accounting principles.
The comptroller may include narratives, statistical tables, and other disclosures and reference material in the report that the auditors recommend and that he deems appropriate in his professional judgment.