Annual Comprehensive Financial Report (ACFR)

The annual comprehensive financial report (ACFR) of the City of Orono is submitted annually.  the City assumes full responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, based on a comprehensive framework of internal control that has been established for its purpose.  Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements.