The report offers a detailed view the state’s financial condition and economic outlook. It is used by lawmakers, credit rating agencies, taxpayer groups and others interested in state government finances.
I’ve long believed that making financial information easily accessible to people, and doing so in a timely manner, empowers citizens. And ultimately, an informed citizenry is the best watchdog to ensure good government Because policy-makers and the general public deserve the most complete picture possible of government finances, our goal is not just to meet the minimum standards of sound, reliable financial reporting, but to exceed them.
Last year we once again received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association, which is the highest honor bestowed for governmental accounting and financial reporting. The award recognizes excellence in financial reporting and signifies that we prepared a report that embraces the spirit of transparency and complete disclosure.
I’m confident this year’s Comprehensive Annual Financial Report again accomplishes that goal.
(That being said, there’s little to smile about in this year’s report, as the state’s fiscal health is not good. For one, we overspent the general fund budget by $98.2 million as a result of lenient spending practices coupled with deep revenue shortfalls -- shortfalls which continue to force budget cuts even six months into the new fiscal year. On top of that, we have little cushion in our reserve accounts to help us get through the tight economic times.)
For the convenience of users, the report has been divided into three sections: an introductory section that contains narrative; a financial section that includes audited financial statements; and a statistical section that presents multi-year comparative financial and non-financial data.
Because the report contains hundreds of pages of required technical information, the Comptroller’s Office also produces a condensed, simplified 16-page “Popular Report” and a four-page “Citizens Report.”\As a CPA, I understand the value of providing thorough, accurate financial data. As someone who believes in good government, making that information as readily available as possible is important to me.
As a proud South Carolinian, I am pleased that our state is a national leader in the quality and promptness of the reporting of our financial information.
To view South Carolina’s 2008-09 Comprehensive Annual Financial Report, visit www.cg.sc.gov.
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