Financial Reports
Municipal Budget
The operating budget is probably a municipality's most important work product. The budget serves a number of functions. At the most basic level it is a legal document that gives city or county officials the authority to incur obligations and pay expenses. It allocates resources among departments, reflecting the legislative body's priorities and policies and controls how much each department may spend. Budgets oftentimes include mission statements, goals, and objectives that convey to the citizens the vision for the future of the municipality's elected officials and let the officials communicate why they have allocated the scarce resources in the manner that they did. A budget can also be an evaluation tool, comparing commitments made in the previous year's budget with actual accomplishments.
Municipal Audit
In accordance with Illinois State Law (Ill. Rev. Stat. 1985, Ch. 24 par. 8-8-1 et seq.), the City of Granite City has an audit conducted by an independent third party annually. An "audit" is a systematic examination of the sources and uses of municipal funds. A Certified Public Accountant (CPA) is required to perform an examination of all funds of the municipality if:
1. the municipal population is 800 or more;
2. the municipality has bonded debt; or
3. the municipality owns or operates a public utility.
An "audit report" is then prepared by the auditor covering the audit or investigation of management's financial data and internal controls. The report will include:
1. a statement as to the scope of the audit;
2. a statement as to exceptions concerning the application of generally accepted auditing standards;
3. the auditor's opinion;
4. a statement on the verification procedure;
5. the financial statements and accompanying schedules;
6. supplemental data and comments where necessary.
Municipal Budget and Auditor's Report
FY 2005
FY 2006
FY 2007
FY 2008
FY 2009