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Alabama Wins National Award for Financial Reporting

April 27, 2007

MONTGOMERY, Ala., APRIL 27, 2007 – The Certificate of Achievement for Excellence in Financial Reporting has been awarded 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.

Governor Riley presented the award this afternoon to the Financial Reporting Section of the State Comptroller’s Office. “Accurately reporting the state’s finances is the cornerstone of true accountability,” stated Governor Bob Riley. “In this important area, Alabama is setting the standard.”

This is not the first time Alabama has been recognized with this prestigious award. The State Comptroller’s Financial Reporting Section now displays eight (8) 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 eighth 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.”

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