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Bill

SD 2875

Fiscal Year 2024 Annual Comprehensive Financial Report

194th Legislature (2025-2026)

Formalizes the public filing of Massachusetts' FY2024 ACFR, making audited financials, notes, and budget data accessible to residents to boost transparency.

Placed on file
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Bill Summary · SD 2875

Summary of Bill SD 2875 – Fiscal Year 2024 Annual Comprehensive Financial Report

Status: Placed on file
Introduced: May 5, 2025
Classification: Proposed bill

Purpose and Intent

SD 2875 identifies and formally places on file the Commonwealth of Massachusetts’ Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2024. The bill ensures public accessibility to the Commonwealth’s comprehensive financial statements and related information, produced by the Office of the Comptroller.

What the Bill Would Do

  • Officially file and make public the FY 2024 ACFR, prepared by the Commonwealth’s Office of the Comptroller, Statewide Financial Reporting Team, led by Comptroller William McNamara.
  • Establish the ACFR as the authoritative financial document for the Commonwealth’s year-end financial position and results of operations.
  • Include all standard components of a CAFR, such as:
    • Independent Auditors’ Report
    • Management’s Discussion and Analysis (MD&A)
    • Government-wide Financial Statements (Statement of Net Position, Statement of Activities)
    • Fund Financial Statements (Governmental Funds, Proprietary Funds, Fiduciary Funds)
    • Discretely Presented Component Units’ Financial Statements
    • Notes to the Basic Financial Statements
    • Required Supplementary Information (including budgetary schedules)
  • Highlight compliance and recognition features, such as:
    • Certificate of Achievement for Excellence in Financial Reporting (awarded within the document)
    • Schedule of Revenues, Expenditures and Changes in Fund Balances – Statutory Basis – Budget and Actual (General Fund and Federal COVID-19 Response Fund)
  • Provide references to the ACFR availability (noting that the document is accessible via the Comptroller’s website).

Key Provisions and Content Highlights

  • The ACFR covers the fiscal year ended June 30, 2024.
  • It presents a full set of financial statements and notes, covering:
    • Government-wide and fund-level statements
    • Fiduciary and discretely presented component units
    • Budget-to-actual comparisons for major funds where applicable
    • MD&A, management discussion of financial results and conditions
  • The report emphasizes transparency, accountability, and adherence to financial reporting standards (as evidenced by the included Certificate of Achievement for Excellence in Financial Reporting).

Who Is Affected

  • Commonwealth agencies and financial management offices (through preparation and presentation of the ACFR)
  • The Office of the Comptroller (primary drafter and preparer)
  • State legislators, local governments and public creditors/investors (as users of the financial information)
  • Massachusetts residents and other stakeholders seeking transparent government finances

Procedural and Timeline Aspects

  • The bill was introduced on May 5, 2025 and is currently listed as “Placed on file.”
  • The ACFR itself reports on the fiscal year ended June 30, 2024; it is a year-end financial document rather than a policy measure with new spending or statutory changes.
  • No further legislative actions are shown in the provided information.

Summary in One Line

SD 2875 serves to formally file the Commonwealth of Massachusetts’ FY 2024 Annual Comprehensive Financial Report, providing comprehensive, audited financial information and supporting documentation to promote transparency and accountability.

Compiled from official sources — confirm details with the bill’s official record.

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