The Accounting and Auditing division of the Finance Department is responsible for maintaining the financial records of the City and encompasses other functions including general ledger accounting, payroll, accounts payable, accounts receivable, grant tracking, capital assets accounting, and audit support.
The Annual Comprehensive Financial Report (ACFR) is prepared each year, and audited by the Washington State Auditor's Office (SAO). The reports are prepared according to Generally Accepted Accounting Principles (GAAP) for government as established by the Government Accounting Standards Board (GASB). Audited ACFR reports, Financial and Federal audits and Accountability audits can all be found on the SAO website https://www.sao.wa.gov/reports-data/audit-reports using “City of Lynnwood” as the government name to search.
Lynnwood's commitment to outstanding achievement is recognized nationally. The Government Finance Officers Association (GFOA) has awarded its Certificate of Achievement for Excellence in Financial Reporting to the City of Lynnwood annually since 2016. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by the City.