Cabarrus County Wins Triple Crown for Financial Management and Reporting

STAFF REPORTS

CONCORD – The Association of Government Financial Officers of the United States and Canada has named Cabarrus County the winner of the 2020 Triple Crown.

The Triple Crown designation recognizes governments that have received the GFOA Certificate of Achievement for Excellence in Financial Reporting, the Popular Annual Financial Report Award, and the Distinguished Budget Presentation Award for a Financial Year. Cabarrus County is one of 317 governments to receive the Triple Crown for fiscal year 2020.

The Triple Crown title represents a significant achievement. To qualify, each entity must meet high standards for the three separate award programs. Each program recognizes governments that produce reports that communicate their financial stories transparently and meet applicable standards.

Certificate of Excellence in Financial Reporting

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The GFOA has awarded Cabarrus County the Certificate of Excellence in Financial Reporting for the 37th consecutive year.

The award was presented to the Cabarrus County Department of Finance.

The Certificate of Achievement Award for Excellence in Financial Reporting recognized the County’s Comprehensive Annual Financial Report for FY21 – the annual audited financial statements reporting the county’s financial condition and operating results.

The certificate is the highest form of recognition in government accounting and financial reporting, and is considered a significant achievement by the county and its management.

According to the GFOA, the county’s report demonstrated a constructive “full disclosure spirit” to clearly communicate financial history and motivate potential users and user groups to read the document.

The county ACFR presents the financial statements in four separate sections:

  • An introductory section containing general information about the county’s structure, services and environment.
  • A financial section that includes the basic financial statements that are at the heart of financial reporting, including government-wide financial statements, fund financial statements, and notes to the statements. The financial section also includes information on individual funds.
  • A statistical section that provides trend data and non-financial data useful for interpreting basic financial statements and important for assessing the economic situation.
  • A compliance section that includes information about the county’s compliance with certain provisions of laws, regulations, contracts, and grant agreements.

For more information or to view the full annual financial report, visit https://www.cabarruscounty.us/Government/Departments/Finance/Annual-Comprehensive-Financial-Report.

To view Cabarrus County’s popular annual financial report, visit https://www.cabarruscounty.us/Government/Departments/Budget-and-Evaluation/Popular-Annual-Financial-Reports.

Geraldine L. Melton