What is a certified financial statement and why is it important?
A certified financial statement is a report of revenues and expenditures for a given period, accompanied by a resolution of the governing body verifying that the information in the statement is true and correct. Second class cities in Alaska may submit a certified financial statement instead of an audit for state revenue sharing purposes. Every year, the Department of Community and Economic Development (Commerce) publishes municipal Certified Financial Statement forms, with instructions for completing a certified financial statement. If a municipality fails to provide either an audit or certified financial statement, the municipality is not eligible for state revenue sharing funds for that fiscal year.
