Indiana has received the highest award for financial reporting from the Government Finance Officers Association (GFOA) for the 28th year in a row, announced Auditor of State Tera Klutz, CPA.
GFOA awarded the State of Indiana the Certificate of Achievement for Excellence in Financial Reporting for the state’s 2020 Annual Comprehensive Financial report (ACFR). The ACFR is Indiana’s financial report for any given fiscal year and is prepared by the Auditor’s office and audited by the State Board of Accounts. The in-depth report accounts for all the state’s financial data for all of Indiana’s funds. The report also includes other financial, demographic, economic and statistical information.
Klutz added that the state’s ACFR is one of the main components used by the nationally recognized statistical rating organizations to review and analyze Indiana’s financial condition and assign a credit rating. The state’s credit currently has an AAA rating, which means lower costs for borrowing and that Indiana’s financial health is strong.
“We have a great team that compiles this report which requires attention to detail, accuracy and persistence in gathering information across state agencies,” Klutz said. “I applaud their great achievement for so many consecutive years.”
GFOA is a major professional association providing services to nearly 19,000 state and local government officials whose mission is to promote excellence in state and local government financial management. To be awarded a Certificate of Achievement by GFOA, a government must publish an easily readable and efficiently organized ACFR that satisfies both accounting principles and legal requirements.