2011 Annual Report - Town of Northborough

Accounting
Division
TOWN OF NORTHBOROUGH, MASSACHUSETTS
Statement of Net Assets – Ended June 30, 2011
In accordance with the requirements of Mass General Law,
the Annual Financial Reports for the Town of Northborough,
for the Fiscal Year ending June 30, 2011 have been
submitted. The audited financial statements reflect a fair and
accurate presentation of all material aspects of the Town’s
financial position and results from its operation.
The Town’s general ledger is maintained following the
Uniform Municipal Account System (UMAS) prescribed
by the Massachusetts Department of Revenue. The Town’s
financial statements are prepared in accordance with standards
developed by the Governmental Accounting Standards
Board (GASB). The 2011 statements reflect changes
following GASB Statement #54 being implemented, which
changes the titles and definitions for certain components of
the statements. The third year of GASB Statement #45 is also
reflected. This statement requires an actuarial study be conducted
and updated in order to determine the Town’s long
term Other Post Employment Benefit (OPEB) obligations,
and the liability is then shown on the financial statements.
Bill Fraher, CPA, has completed the audit of the Town’s financial
records. A copy of the audit report is available in the office
of the Town Clerk and on the Town Accountant’s webpage.
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