This week, Auditor of State Tera Klutz, CPA, released the State’s Comprehensive Annual Financial Report (CAFR) after months of preparation and data compilation from all state agencies. This report gives an analytical overview of Indiana’s financial activities for the fiscal year ending June 30, 2017.
The CAFR is prepared in conformity with Generally Accepted Accounting Principles (GAAP) as prescribed in pronouncements by the Governmental Accounting Standards Board (GASB). It is primarily used by stakeholders currently investing or looking to invest in Indiana and is influential in the State’s AAA credit rating given by the three major credit rating agencies: Moody’s, Standard & Poor’s and Fitch Ratings.
Auditor of State Klutz said, “A strong credit rating is good for our current investors and those looking to invest in our State. The publication of the CAFR is a testament to the hard work and dedication to financial accountability and transparency by the employees of the State of Indiana. The report once again shows Hoosiers that their State government is transparent and focused on providing the highest level of financial accounting and reporting.”
Indiana’s CAFR has been awarded the “Certificate of Achievement for Excellence in Financial Reporting” by the Government Finance Officers Association (GFOA) for 24 straight years due to its overall easy readability and efficient organization. It is expected to earn the certificate for the 2017 CAFR.
The entire report can be found here.