Cabarrus earns national award for financial reporting
Published on August 07, 2023
The Government Finance Officers Association (GFOA) of the United States and Canada has awarded Cabarrus County the Certificate of Achievement for Excellence in Financial Reporting for the 38th consecutive year.
The award was presented to the Cabarrus County Finance Department.
The Certificate of Achievement for Excellence in Financial Reporting award was in recognition of the County’s FY22 Annual Comprehensive Financial Report (ACFR)— the annual audited financial statements reporting the County’s financial position and results of operation.
The certificate is the highest form of recognition in governmental accounting and financial reporting and is considered a significant accomplishment by the County and its management.
“I am immensely proud of this achievement and the unwavering dedication to fiscal responsibility our finance team has demonstrated over the years,” said County Manager Mike Downs. “Receiving this award for the 38th year in a row is a testament to the standard of excellence we uphold. It showcases the County’s commitment to transparency and accountability.”
According to the GFOA, the County’s report demonstrated a constructive “spirit of full disclosure” to clearly communicate the financial story and motivate potential users and user groups to read the document.
The County's ACFR presents the financial statements in four distinct sections:
- An introductory section containing general information about the structure, services and environment of the County.
- A financial section that includes basic financial statements found at the core of financial reporting, including government-wide financial statements, fund financial statements and notes for the statements. The financial section also includes information on individual funds.
- A statistical section that provides trend data and non-financial data useful in interpreting the basic financial statements and important for evaluating economic condition.
- A compliance section that includes information on the County’s compliance with certain provisions of laws, regulations, contracts and grant agreements.
For more information or to view the ACFR, visit https://www.cabarruscounty.us/Government/Departments/Finance/Annual-Comprehensive-Financial-Report.
About the GFOA
The GFOA advances excellence in government finance by providing best practices, professional development, resources and practical research for more than 21,000 members and the communities they serve.