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The Department of Commerce, Community, and Economic Development offices are closed to the public at this time. We are still open for business and encourage you to contact us via phone or email.

Local Government Resource Desk

Budgeting & Financial Management

Evaluating and Reading Financial Reports

Introduction

One of the most important responsibilities of an elected official is to manage public resources. In order to do this well, an elected official needs accurate and timely financial information to make good, informed decisions for the community. A fundamental principle of government is that elected officials and government employees have a responsibility to fully explain how public resources are used. One way this is done is by accounting for and reporting on the use of money and other assets. AS 29.20.500(4) requires financial and other reports be provided to the governing body and, in keeping with the public interest policy, AS 29.20.380 assures that public records are made available for public inspection.

A monthly financial report is a tool needed to monitor the budget and compare the budget projections with what is really happening. It provides a reality check to verify the budget projections are accurate and the finances of the organization are secure. It is also a tool for assessing local programs and services and deciding if the governing body is meeting its goals.

Narrative Frequently Asked Questions Additional Resources Applicable Laws and Regulations

Revised 12/30/2014