SPECIAL TO THE LEADER ————Texas Comptroller Glenn Hegar today announced that his agency has been recognized by the Government Finance Officers Association of the United States and Canada (GFOA) for its Fiscal Year 2014 Comprehensive Annual Financial Report (CAFR).

GFOA’s Certificate of Achievement for Excellence in Financial Reporting represents its highest form of recognition in the area of governmental accounting — and a significant accomplishment by the Comptroller’s office.

“I want to congratulate not only the hardworking employees of my office, but also the financial reporting professionals at state agencies and universities all over Texas who work long hours facing very short timelines to ensure our state can produce a CAFR that is a model of transparency and accountability,” Hegar said. “This is an intensely time-consuming and data-intensive undertaking, and we couldn’t do it without the help of our partners across the state.”

The Texas CAFR presents a comprehensive picture of the state’s financial condition by combining the annual financial reports of all Texas state agencies and universities. The Texas CAFR is designed to provide the state’s 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 year’s financial activities (revenue, expenditures, changes in fund balances, liabilities, etc.).

In presenting the award, GFOA Technical Services Director Stephen Gauthier noted the association hoped that the example of Texas “will encourage other government officials in their efforts to achieve and maintain an appropriate standard of excellence in financial reporting.”

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.

Hegar added, “We cannot rest on this achievement. Instead, this should provide a foundation for my office’s continued focus on core functions and our efforts to give Texas taxpayers a state government they can trust and the accountability they deserve.”

More information on GFOA and this award can be found at www.gfoa.org/coa.