The borough will establish and maintain a high standard of accounting practices in conformance with generally accepted accounting principles (GAAP).

The accounting system will maintain records on a basis consistent with accepted standards for government accounting according to the government accounting standards board (GASB).

Regular monthly financial statements and annual financial reports will present a summary of financial activity by departments and agencies within all funds.

Where possible, the reporting system will also provide monthly information on the total cost of specific services by type of expenditure and revenue by fund.

An independent firm of certified public accountants will perform an annual financial and compliance audit and will publicly issue an opinion which will be incorporated into the comprehensive annual financial report (CAFR).

The borough will annually strive for the GFOA certificate of achievement for excellence in financial reporting and the GFOA distinguished budget presentation award. [Ord. 90-10 §2, 1990. Formerly §3.01.060].