The following financial reporting policies are hereby adopted and shall be followed in the administration of the business of the village:
(A) The village shall adhere to a policy of full and open disclosure of all financial operations.
(B) The village shall prepare a comprehensive annual financial report in conformity with generally accepted accounting principles and financial reporting practices.
(C) An independent firm of certified public accountants will perform an annual financial and compliance audit according to generally accepted auditing accounting standards (GAAS) (GASB) and will publicly issue an opinion that will be incorporated in the comprehensive annual financial report. The village will request proposals from accounting firms every three (3) to five (5) years. The village will select the firm that best serves its needs based on price, service and qualifications.
(D) As long as the village has outstanding debt, the comprehensive annual financial report will include the additional disclosures required by SEC rule 15c2-12, continuing disclosure undertakings or other appropriate federal rules or regulations. (Ord. 2015-13, 10-1-2015)