The Village of Palmetto Bay is required to publish within 9 months of the close of the fiscal year, a complete set of financial statements. The statements must abide by the accounting principles generally accepted in the United States of America (GAAP) and the records must be audited by a firm of licensed public accountants in accordance with auditing standards generally accepted in the US and government auditing standards. According to the report, the auditors provided the opinion that "the Village complied, in all material respects, with Section 218.415, Florida Statutes for the fiscal year ending September 30, 2022."