County of Cabarrus issued the following announcement on Oct. 17.
The Government Finance Officers Association (GFOA) of the United States and Canada has named Cabarrus County a 2020 Triple Crown winner.
Triple Crown designation recognizes governments who have received GFOA’s Certificate of Achievement for Excellence in Financial Reporting, Popular Annual Financial Reporting Award and the Distinguished Budget Presentation Award for a fiscal year. Cabarrus County is one of only 317 governments that received the Triple Crown for fiscal year 2020.
The Triple Crown title represents significant achievement. To qualify, each entity must meet high standards for all three separate award programs. Each program recognizes governments that produce reports which communicate their financial stories in a transparent manner and meet applicable standards.
Certificate of Achievement for Excellence in Financial Reporting
GFOA awarded Cabarrus County the Certificate of Achievement for Excellence in Financial Reporting for the 37th consecutive year.
The award was presented to the Cabarrus County Finance Department.
The Certificate of Achievement for Excellence in Financial Reporting award recognized the County’s FY21 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.
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 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.
To view Cabarrus County’s Popular Annual Financial Report, visit https://www.cabarruscounty.us/Government/Departments/Budget-and-Evaluation/Popular-Annual-Financial-Reports.
Original source can be found here.
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