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The Office of Municipal Finance provides accounting and financial reporting services to all City Departments, Enterprise Funds, and Governmental Activities in accordance with Massachusetts General Laws, Municipal Ordinances, and Generally Accepted Accounting Principles for State and Local Governments.
The U.S. Office of Management and Budget requires that local governments that receive at least $300,000 annually in Federal Assistance are required to be audited every year. The Single Audit Act of 1984 establishes uniform entity-wide audit requirements for governmental units receiving Federal Financial Assistance.
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