June 14, 2023
Lake County Receives Certificate of Achievement for Excellence in Financial Reporting
Lake County is proud to announce that it has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA). The award recognizes Lake County's annual comprehensive financial report (ACFR) for the fiscal year that ended on Nov. 30, 2021.
This prestigious recognition is a testament to Lake County's commitment to financial transparency and sound fiscal management. The GFOA's Certificate of Achievement is awarded to governmental entities that demonstrate a high standard of financial reporting. To be eligible for this recognition, a government must go beyond the minimum requirements of generally accepted accounting principles and exhibit a commitment to transparency, accuracy, and comprehensiveness in its financial reporting. Lake County is a long-standing recipient of the award.
"Lake County remains fiscally stable primarily due to our staff's strategic, long-term data driven decision making and the Board's commitment to fiscal responsibility, " said Lake County Board Chair Sandy Hart. "This is a significant accomplishment that highlights the county's dedication to providing clear and easily understandable financial information to our residents and stakeholders."
The ACFR submitted by the county has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the report.
"We are honored to receive this award from the GFOA," said Paul Frank, Lake County Finance and Administrative Committee Chair. "This recognition validates our ongoing efforts to ensure transparency and accountability in our financial practices."
Lake County posts the ACFR on its website. As required by Illinois State Statutes, Lake County has an independent audit completed annually and publishes the statements. The public can view all of Lake County's recently published ACFRs at any time.
"I’d like to thank the Finance team and all of our partners in the agencies and departments who put significant time and effort all throughout the year and especially during the audit to ensure that our financial statements are most importantly accurate, but also usable and informative for our residents, " said Patrice Sutton, Lake County Chief Financial Officer. "Congratulations on this significant achievement!"
About the GFOA
The Government Finance Officers Association (GFOA), founded in 1906, represents public finance officials throughout the United States and Canada. The association's more than 20,000 members are federal, state/provincial, and local finance officials deeply involved in planning, financing, and implementing thousands of governmental operations in each of their jurisdictions. GFOA's mission is to advance excellence in public finance.
Contact
Tammy Chatman
Chief Communications Officer
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