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Alabama Wins National Award for Ninth Consecutive Year


April 8, 2008

MONTGOMERY, Ala., APRIL 8, 2008 – A Certificate of Achievement for Excellence in Financial Reporting has been awarded, for the ninth year in a row, to the State of Alabama by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report (CAFR). The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

State Finance Director James Allen Main congratulated the reporting team for their outstanding contribution to transparency and accuracy in financial reporting. “Accurately reporting the state’s finances is the cornerstone of true accountability. Alabama is setting the standard for excellence in reporting.”

The 298-page CAFR contains the State’s organization chart, basic financial statements, principal sources and distribution of revenues, the State’s expenditures and assets, the economic condition and outlook for Alabama and certain demographic info; such as the number of income tax filers, per capita income, the top 10 employers in the State, and personal income by industry.

The State Comptroller’s Financial Reporting Section now displays nine (9) plaques from GFOA for consecutive years of excellence in financial reporting. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.

“We are extremely proud of Mike Hudson and his staff for a major accomplishment—the receipt of the ninth consecutive award to the state for excellence in financial reporting,” added Bob Childree, State Comptroller. “This is a monumental task and sets the State of Alabama in a very positive light nationally as being recognized by peer states, national rating organizations and the investment community as truly outstanding in its financial reporting. We take very seriously our mandate to provide financial reporting and are pleased that we can contribute to Governor Riley’s commitment to Alabama citizens to be open and transparent in reporting our finances.”

In addition to being recognized nationally for excellence in financial reporting, the team also just received their 17th consecutive unqualified audit by the Alabama Department of Examiners of Public Accounts (ADEPA). ADEPA is the independent legislative audit agency for Alabama with the authority to perform audits of the accounts of all entities receiving or disbursing public funds. An unqualified opinion reflects that, in the auditors’ opinion, the financial statements give a true and fair view of the content therein.

The CAFR can be viewed in its entirety on the Comptroller’s website at  http://www.comptroller.state.al.us/pdfs/CAFR/cafr.2007.pdf.



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