State’s financial report recognized for ‘excellence’

South Carolina’s annual financial report has received the Certificate of Achievement for Excellence in Financial Reporting, Comptroller General Richard Eckstrom announced Tuesday.

The Comprehensive Annual Financial Report (CAFR) for the state’s fiscal year that ended June 30, 2008 met the highest grading standards set by the Government Finance Officers Association of the United States and Canada.

“The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management,” said Stephen Gauthier, director of the Association’s Technical Services Center, in a letter to Eckstrom.

Eckstrom says the office’s steadily-improved time in publishing the CAFR -- the current report was prepared and published in 135 days, compared to 241 days six years earlier -- is part of his office’s commitment to greater transparency and accountability. The National Association of State Comptrollers says South Carolina now ranks third in the nation in the timely release of its CAFR. South Carolina is the only state in the nation to have improved the time to assemble and issue the report every year since 2002, the year Eckstrom became state Comptroller.

“Making important financial information easily accessible to citizens and investors, and doing so in a timely manner benefits the taxpayers,” said Eckstrom. “Ultimately, an informed citizenry is central to good government.” The state’s CAFRs for the last fifteen years are available online at www.cg.sc.gov.

Eckstrom is the first CPA to hold the state’s top accounting office.