Texas Comptroller Glenn Hegar Announces Recognition for Financial Reporting

Texas Insider Report: AUSTIN Texas Texas Comptroller Glenn Hegar today announced his agency has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA) for its fiscal 2017 Comprehensive Annual Financial Report (CAFR). The agency has received this honor for 28 consecutive years. The certificate is GFOAs highest form of recognition in the area of governmental accounting. I am proud of the hardworking employees of my office and the hundreds of financial reporting professionals at state agencies and universities across Texas whove worked together to produce a CAFR that exemplifies transparency and accountability Hegar said. The Certificate of Achievement is a prestigious national award that recognizes conformance with the highest standards for preparing state and local government financial reports. I truly appreciate all the long hours agency interaction and coordination with the State Auditors Office required every year to turn out such an outstanding product. The award is well deserved. The Texas CAFR presents a comprehensive picture of the states financial condition by combining the annual financial reports of all Texas state agencies and universities. The Texas CAFR provides the states taxpayers customers investors and creditors with a general overview of its finances and demonstrate accountability for the money it receives. Unlike a budget that provides a plan for a future period a CAFR illustrates the actual results of the prior fiscal years financial activities (revenue expenditures changes in fund balances liabilities etc.). In presenting the award GFOA Technical Services Director Michele Mark Levine said the Texas CAFR demonstrated a constructive spirit of full disclosure that clearly communicates its financial story and motivates potential users to read the CAFR. 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 requirements of generally accepted accounting principles and to recognize governments that achieve this goal. Go to the Comptrollers website to view the Texas CAFR.