An independent audit report is required to be completed annually by the State Controller’s office, the COMB JPA agreement and by various other financial institutions and agencies. An independent audit assures a high level of integrity and accountability for COMB’s financial position and internal controls.
COMB operates as a proprietary fund-type. All proprietary fund-types use a flow of economic resources measurement focus. Under this measurement focus, all assets and liabilities associated with the operation of these funds are included on the Statement of Net Position and where appropriate, total net position (i.e., fund equity) are segregated into invested in capital and unrestricted net position. Proprietary fund-type operating statements present increases (revenues) and decreases (expenses) in total net position.
All proprietary fund-types utilize the accrual basis of accounting. Under this method, revenues are recognized when earned, regardless of when received, and expenses are recognized at the time the related liabilities are incurred, regardless of when paid.
COMB's fiscal year runs from July 1 to June 30 of the following year. For more information and to view recent District Budgets, select the links below..COMB Comprehensive Annual Financial Report (CAFR) FY 2016-17.pdfCOMB Audited Financial Statements FY 2015-16.pdfCOMB Audited Financial Statements FY 2014-15.pdfCOMB Audited Financial Statements FY 2013-14.pdf