County earns national award for financial management

County earns national award for financial management
(Cabarrus County) (Source: Kasia Thompson)

CABARRUS COUNTY, N.C. (WBTV) - 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 34rd consecutive year.

The award was recently presented to the Cabarrus County Finance Department.

The Certificate of Achievement for Excellence in Financial Reporting award was in recognition of the County’s FY18 Comprehensive Annual Financial Report (CAFR)—a year-end evaluation (or audit) of the budget that closed on June 30, 2018.

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.

According to 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 CAFR presents the financial statements in three 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.

Cabarrus County’s independent auditor Elliott Davis presented an unmodified opinion of the 2018 CAFR for fiscal year 2018. The CAFR was approved by the Local Government Commission on January 10 and the Cabarrus Board of Commissioners at its January 22 meeting.

For more information or to view the CAFR, visit www.cabarruscounty.us/resources/comprehensive-annual-financial-reports.

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