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December 1 annually marks the beginning of Lake County's new financial fiscal year. But for the accounting team in the County Finance Department, this date starts the clock for them to complete the Annual Comprehensive Financial Report (ACFR) for the year prior.
The ACFR provides a detailed and transparent overview of the County’s financial condition, performance and activities. Governments typically issue their financials 180 days after the close of their fiscal year. The fiscal year 2023 ACFR, which was completed in May and is available online, references Lake County's strong financial position, detailed breakdowns of revenue and expenditures, an overview of significant capital projects, the audit process and the County's future outlook.
"Lake County goes above and beyond what is required so that our residents can be confident in our financial transparency and commitment to sound fiscal management," said Sandy Hart, Lake County Board Chair. "We provide the latest ACFR and previous reports dating back more than 10 years online."
As state statute requires, an audit is conducted by independent certified public accountants. Lake County’s financial statements were audited by Baker Tilly US, LLP, a firm of licensed certified public accountants. The Lake County Finance Department works diligently throughout the audit process and collaborates closely with various departments to ensure all financial data is accurate and comprehensive. These efforts then culminate in the issuance of the audit to outside entities such as Moody's, and Standard and Poor's.
"We are committed to sharing easily understandable and clear insights into the County's finances with the public," said Paul Frank, Lake County Financial and Administrative Committee Chair and Board Member for District 11. "I congratulate the Finance Department staff for completing this important report and thank them for their commitment to transparency and excellence in budgeting."
Lake County was awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association for the fiscal year 2022 ACFR. This award is presented to governmental entities that demonstrate a high standard of financial reporting.
“I would like to thank all of our County departments for all their hard work and dedication in successfully issuing the audit," said Melissa Gallagher, Chief Financial Officer. "Their teamwork and commitment have made this achievement possible.”
Contact
Tammy Chatman
Chief Communications Officer
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