Each year, the Town of Mead publishes its annual financial statements, which include the independent auditor’s report, an overview of the Town's finances, and a detailed statistical section. These statements are critical in maintaining transparency and accountability in local government operations.
In compliance with the State of Colorado’s municipal audit requirements, the annual audit process is conducted after the fiscal year concludes, meaning audits always reflect the prior year’s financial activities. For example, the audit for the 2024 fiscal year will be conducted in 2025. This timeline ensures that the audit includes a comprehensive review of the entire fiscal year, allowing sufficient time for closing financial records and preparing accurate documentation. Annual Financial Audits can be found on the Public Records Portal.
The audit process follows several key phases:
- Planning and Preparation (January - February):
The Town collaborates with an independent auditing firm to plan the audit. This involves scheduling, understanding the Town's operations, and identifying key areas of financial risk. - Preliminary Fieldwork (March - April):
Auditors begin reviewing the prior year’s financial activities. This includes evaluating internal controls, testing financial transactions, and ensuring compliance with accounting standards and state regulations. - Final Fieldwork (May):
A thorough examination of financial records from the previous fiscal year is conducted. Auditors verify account balances, reconciliations, and supporting documentation, while assessing the Town’s adherence to applicable laws and regulations. - Draft Review and Feedback (June):
A draft of the audit report is reviewed by Town staff for accuracy and completeness. Any necessary revisions or clarifications are addressed during this phase. - Presentation and Submission (July - August):
The final audit report, covering the prior fiscal year, is presented to the Town Board of Trustees for approval. Once approved, the report is submitted to the State of Colorado in accordance with statutory deadlines and made publicly available.
The Town of Mead adheres to the Colorado Local Government Audit Law, which mandates that all municipalities conduct an annual audit by an independent certified public accountant (CPA) and submit the results to the State Auditor. This ensures all financial activities are conducted responsibly and transparently.
By publishing its financial statements annually, the Town of Mead keeps residents informed about the community’s fiscal health and demonstrates its ongoing commitment to good governance and accountability.