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Lake County has once again been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA). The award recognizes Lake County’s annual comprehensive financial report (ACFR) for the fiscal year that ended Nov. 30, 2022.
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.
"This prestigious recognition is a testament to our staff’s strategic and ongoing commitment to financial transparency and sound fiscal management built upon a foundation of data-driven decision making," said Lake County Board Chair Sandy Hart. "Lake County is dedicated to providing clear, 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.
“Receiving this award further highlights our dedication to accountability and transparency in our financial practices," said Paul Frank, Lake County Financial and Administrative Committee Chair. "I applaud the County Administrator, Interim Chief Financial Officer and County staff for their hard work and commitment to the overall budget process. We are incredibly proud to receive this award once again from the GFOA."
Lake County posts the annual ACFR on its website. As required by Illinois State Statutes, Lake County has an independent audit completed annually and publishes the financial statements. The public can view all of Lake County's recently published ACFRs at any time.
"The GFOA award reflects the outstanding work done throughout the year by our Finance team in partnership with all of our agencies and departments to ensure that our financial statements are both accurate and easily understandable for our residents. I want to congratulate everyone for their diligence and efforts in achieving this important recognition," said Melissa Gallagher, Interim Chief Financial Officer.
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
Email
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