Financial & Budget Information
Andover Financial & Budget Information - Below are brief descriptions of these documents and links that will lead to the current year’s document as well as previous years. We hope to encourage residents to learn about the Town’s budget and financial condition and how their tax dollars are spent.
Town Manager’s Annual Budget
The Town Manager must annually submit a budget to the Select Board. The annual operating and capital budgets are submitted as part of the Town Manager’s Annual Budget. It is important to note that the financial and budgetary information presented in the Annual Budget are projections and are subject to change prior to Town Meeting.
Andover Transparency provides financial transparency to the public with easy access to the Town of Andover's expenditure, revenue, budget and payroll information for the current fiscal year, as well as prior years.
The CIP Bylaw requires that the Town Manager present the Select Board with the Town’s capital needs for the
next five years as the first step in the annual Budget development process.
Annual Town Report
In accordance with Massachusetts General Law, Chapter 40, Section 49, the Town of Andover prepares, and makes public, an Annual Town Report prior to Town Meeting. The Annual Report includes some of the financial information found in the Town Manager’s Annual Budget, but not as detailed. The Report focuses more on significant accomplishments of the previous calendar year and goals for the current annual year. The Annual Report also includes reports from major boards and committees, election results, Town Meeting information, and a Town Directory.
Annual Comprehensive Financial Report (ACFR)
At the close of each year state law requires the Town of Andover to publish a complete set of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP), and that are audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. Pursuant to that requirement, we hereby annually issue the Annual Comprehensive Financial Report (ACFR) of the Town of Andover, Massachusetts. This report consists of management’s representations concerning the finances of the Town of Andover. Consequently, management assumes full responsibility for the completeness and reliability of all the information presented in this report. To provide a reasonable basis for making these representations, management of the Town of Andover has established a comprehensive internal control framework that is designed both to protect the Government’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the Town of Andover’s financial statements in conformity with GAAP. You can view past reports on the ACFR Page.
Link to ACFR's from Previous Years
Monthly Financial Reports
Reports on Federal Award Programs
Single Audits are performed on the non-federal entities that expends $750,000 or more in federal funds in one year. It is intended to provide assurance to the Federal Government that a non-federal entity has adequate internal controls in place, and is generally in compliance with program requirements.
Finance Committee Reports
Consistent with the Committee’s charge, the Finance Committee prepares an report to Town Meeting. The report contains detailed budgetary information and recommendations from the committee on specific Warrant Articles that require or request an appropriation of funds. Finance Committee Reports to Town Meeting for current and prior years can be viewed on the Town Meeting page. The Finance Committee recommendations and supporting documentation in this report are meant to provide voters with complete, accurate information about this year's Warrant Articles. Our goal is to give you the tools necessary to vote a fiscally responsible, sustainable budget. As always, at our Annual Town Meeting, you, the voters, will be the final decision makers.
Other Post Employment Benefits (OPEB)
FY2021 Valuation - GASB 74 & 75
FY2020 Valuation - GASB 74 & 75
FY2019 Valuation - GASB 74 & 75
FY2018 Valuation - GASB 74
FY2018 Valuation - GASB 75
Report of Recommendations - OPEB Advisory Committee (March 2016)
Property Tax and Assessment Data
The Board of Assessors prepares the tax rate based on the assessed values of residential, commercial, industrial and personal property throughout the Town on an annual basis. In late November or December, the Board of Selectmen holds a tax classification hearing for the purposes of setting the tax rate. Detailed information on the tax rate and town assessments can be found in the Assessor's section of the website.
Retirement System Valuations
Link to previous years valuations.
The School Budget is the largest department budget in the Town. The budget is funded at Annual Town Meeting at the same time as other Town budgets. The School Budget is detailed and includes very specific school department information. As a result, the School Budget is available for review as a separate document. School budget information can be viewed the Andover Public Schools Budget Information page.
Standard & Poor's Bond Ratings and Reports