November 13, 2019

Texas Comptroller Glenn Hegar Announces Recognition for Financial Reporting

(AUSTIN) — 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 2018 Comprehensive Annual Financial Report (CAFR). The agency has received this honor for 29 consecutive years.

The certificate is GFOA’s highest form of recognition in the area of governmental accounting.

“I want to express my gratitude to all the hardworking employees of my office and the hundreds of financial reporting professionals at state agencies and universities across Texas who’ve 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 in preparing state and local government financial reports. I truly appreciate the professionalism, dedication and coordination with the State Auditor’s Office to turn out such an outstanding product year in and year out. The award is well earned.”

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. It provides the state’s taxpayers, customers, investors and creditors with a general overview of its finances and demonstrates 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.).

The Texas CAFR “has been judged by an impartial panel to meet the high standards of the program, which include demonstrating a constructive spirit of disclosure to clearly communicate its financial story and motivate potential users and user groups to read the CAFR,” GFOA Technical Services Director Michele Mark Levine said in presenting the award.

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.

Visit the Comptroller’s website to view the Texas CAFR.