FUND REPORTS
ANNUAL AUDIT
The Fund’s management is responsible for the preparation and fair presentation of the Fund’s financial statements in accordance with generally accepted accounting principles. In compliance with 40 ILCS 5/5-188, the Fund contracts with an independent certified public accounting firm to perform an annual audit of the assets of the Fund and issue a financial opinion.
ACTUARIAL VALUATION
Each year, the Actuary for PABF prepares a Valuation Report and GASB 67/68 Actuarial Reports as part of the annual close of the fiscal year. The reports are presented to the Board of Trustees for review and approval. The Valuation Report includes funding status and other related matters to meet the various regulatory requirements. The GASB 67/68 Reports assists PABF to comply with financial reporting requirements and is provided to the Fund’s Auditor as part of the annual audit.
