STATEHOUSE — The State of Indiana received the highest award for financial reporting for the 30th consecutive year from the Government Finance Officers Association of the United States and Canada (GFOA), announced State Comptroller Tera Klutz, CPA today.
GFOA awarded the Comptroller’s Office the Certificate of Achievement for Excellence in Financial Reporting for the state’s 2022 Annual Comprehensive Financial Report (ACFR). The ACFR is prepared annually by the State Comptroller and audited by the State Board of Accounts.
“The Certificate of Achievement from the GFOA is the highest form of recognition in governmental accounting and financial reporting and a huge accomplishment by our team,” said Comptroller Klutz. “Year after year, Indiana continues to showcase our talent for responsible and accurate reporting.”
Indiana’s ACFR is one of the main components used by nationally recognized statistical rating organizations to review and analyze the state’s financial condition and assign a credit rating. Indiana is one of 13 states that currently has an AAA rating.
“AAA is the best you can get,” added Comptroller Klutz, “and it may not mean much to the average citizen, but it does have an impact on their wallet.” The higher a state’s credit rating, the lower the cost to repay its bonds. For investors, meanwhile, high ratings are a clear indication that Indiana can meet its financial obligations to pay both interest and principal.
The in-depth report accounts for all the state’s financial data for all of Indiana’s funds. The report also includes other financial, demographic, economic, and statistical information.
To view the 2022 ACFR and previous reports, click here.
Tera K. Klutz is the 57th Indiana Auditor of State and the first Certified Public Accountant (CPA) to serve as the state’s Chief Financial Officer. Effective July 1, 2023, Klutz became the first State Comptroller for Indiana, per House Enrolled Act 1001-2023. Comptroller Klutz was appointed by Gov. Eric J. Holcomb in 2017 and then elected in 2018. During her time, she has been focused on providing accurate information, maintaining and enhancing government transparency, and delivering great customer service to all Hoosiers. Her full bio and headshot are available here.
GFOA is a major professional association providing services to nearly 19,000 state and local government officials whose mission is to promote excellence in state and local government financial management. To be awarded a Certificate of Achievement by GFOA, a government must publish an easily readable and efficiently organized ACFR that satisfies both accounting principles and legal requirements.
