All state and local governments are required to annually produce and distribute a Comprehensive Annual Financial Report (CAFR) in conformance with generally accepted accounting standards established by the Government Accounting Standards Board (GASB). The State of Vermont's CAFR is produced by the Department of Finance and Management.
As opposed to the budget, which is the legislatively approved spending authority for the State of Vermont, the CAFR reports financial activity for a fiscal year as well as its end of the year financial position in a standardized format used by all state and local governments.
The CAFR contains audited financial statements reporting the State's financial position and results of operations, introductory material, management’s discussion and analysis of key elements of the report, and various demographic and statistical multi-year trend information to help the reader understand the financial condition of the State for the fiscal year.
All of the State’s programs and departments are encompassed in the data reported in the CAFR, as well as certain separately-administered component units such as the University of Vermont and the Vermont State Colleges.
The financial statements in the 2018 CAFR were audited by CliftonLarsonAllen LLP. The final report was issued on December 21, 2018 to the Governor, the Speaker of the House of Representatives, and the President Pro-Tempore of the Senate. The report is also available to Vermont residents and taxpayers, to credit agencies, and any other person or organization who is interested in assessing and monitoring the State's fiscal integrity and financial condition.
During the year ended June 30, 2018, Vermont implemented a new accounting standard related to other postemployment benefits (OPEB) as required by the Governmental Accounting Standards Board (GASB). The new standard, GASB Statement No. 75, required Vermont to report its net OPEB liability on its financial statements. The new standard resulted in Vermont recording an additional $1.5 billion liability related to its OPEB plans, which caused the Governmental Activities Net Position to end the year in a deficit balance.
Electronic copies of Vermont's CAFR are available in pdf format below. If a printed copy of a report is required, please send an email request to VISION.CAFR or contact the Department of Finance and Management by phone at (802) 828-2376.
Electronic CAFR Documents: The documents below are electronic copies of the State of Vermont's CAFR for the year indicated. These CAFR documents have not been updated for developments subsequent to the date of the independent auditor's report.
FY2018 CAFR by Section - The following documents contain portions of the CAFR report as described below.
- Introductory Section - This file contains a list of principal officials, transmittal letter, and state organization chart.
- Financial Section - This file contains the following reports: Independent State Auditor's Report, Management's Discussion and Analysis, Basic Financial Statements, Notes to the Financial Statements, and Required Supplementary Information.
- Other Supplementary Information - This file contains the combining and individual fund statements and statistical information.