What is an Annual Finance Report?

This report presents two types of statements: one focusing on the township as a whole (government-wide) and one focusing on the fund financial statements. The government-wide financial statements provide both short-term and long- term information about the township's overall financial status. The fund financials focus on individual funds and report the source, use and balance of current financial resources. This report is audited by an independent auditing firm as well as the Government Finance Officers Association (GFOA). In addition to financial statements prepared in accordance with generally accepted accounting principles (GAAP), the Comprehensive Annual Finance Report provides readers with a wide variety of statistics on Canton Township.

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1. Does Canton have a budget?
2. What are the major funds?
3. Can funds be transferred between funds for operating purposes?
4. How is the Finance Department different from the Treasurer?
5. Describe the budget approval process.
6. What is an Annual Finance Report?
7. Do all communities create a Comprehensive Annual Financial Report...how many do?
8. How many years has Canton prepared a Comprehensive Annual Financial Report?
9. When and how does Canton borrow money?
10. What is Canton's allocation of local property taxes?
11. What are enterprise activities?
12. How is the sewer and water funds administered?
13. How is State of Michigan revenue sharing calculated?
14. What is the difference between Constitutional vs. statutory revenue sharing?
15. What is the allocation of property tax collections by fund?
16. What systems are used for the various Township functions?