Indiana Auditor of State Tera Klutz, CPA, announced that for the 25th consecutive year, Indiana has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA).
The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program in 1945 to encourage state and local governments to go beyond the minimum reporting requirement of financial data. The award was based on the 2017 Comprehensive Annual Financial Report (CAFR) which details Indiana’s financial landscape and accounts for all state funds as of June 30, 2017. The CAFR also includes other financial, demographic, economic and statistical data.
“Being recognized just once for excellent financial reporting is a great achievement. Receiving that same recognition for a quarter-century is outstanding and demonstrates our state’s focus on financial transparency and judicial fiscal policy. Hoosiers can rest assured that their government is committed to honest accounting practices and the highest levels of integrity. As the first CPA to serve as Indiana’s Chief Financial Officer, I have a unique perspective on accounting practices and internal controls used to mitigate risk and reduce errors. This prestigious award is earned through hard work and dedication from public servants not only in my office but in agencies all across state government,” said Klutz.
The CAFR, which was released in December 2017, 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.
A link to the FY 2017 CAFR can be found here.