State law and local ordinance require the Village to annually prepare financial statements in conformity with Generally Accepted Accounting Principles (GAAP) within six months following the close of the fiscal year.
The report is a culmination of the past year's financial activity and is the formal mechanism used to communicate to the public the financial status of the Village and its compliance with applicable laws and the intentions of the Village Board. The financial statements are audited by an independent licensed, certified public accounting firm in accordance with Generally Accepted Auditing Standards. The Village's fiscal year runs May 1 through April 30.
Certificate of Achievement
The Village of Willowbrook has received the Certificate of Achievement for Excellence in Financial Reporting award from the Government Finance Officers Association each year since 1989. This award recognizes communities that go beyond the minimum requirements of generally accepted accounting principles to prepare a report that evidences the spirit of transparency and full disclosure.