As required by the North Carolina General Statutes, an audit of the City's accounts is performed on an annual basis. Financial Statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP).
In addition to the required statements, the City prepares an Annual Comprehensive Financial Report (ACFR) which provides additional information, including historical financial data.
Less that 1% of units in the United States in the City's size group (population less than 10,000) prepare this report. The City's ACFR is submitted to the Government Finance Officers' Association (GFOA) and has received the prestigious Certificate of Achievement in Financial Reporting for every year since 1990.