The Office of Management and Budget today released the 2019 Comprehensive Annual Financial Report (CAFR), a document that encompasses the fiscal activity for all of state government for the period from July 1, 2018 to June 30, 2019.
“We appreciate the fiscal professionals across state government who worked with us to provide information in an accurate and timely manner to ensure the successful completion of the 2019 CAFR,” stated Office of Management and Budget Director Joe Morrissette. “I am especially grateful for our dedicated team at the Office of Management and Budget who worked long hours to finalize this report ahead of deadline.”
The CAFR is a collaborative project across state government. Fiscal information from all of state government is compiled, corrected and adjusted by the Office of Management and Budget CAFR team to present it in a consolidated manner that conforms to standards issued by the Governmental Accounting Standards Board (GASB).
The fiscal information is reviewed by the State Auditor’s Office to provide an impartial assurance that it is accurate and presented in the appropriate manner.
"Our team would like to commend the North Dakota Office of Management and Budget staff on their hard work in completing the CAFR,” State Auditor Josh Gallion said. “This report is a pulse check on the financial health of North Dakota that provides meaningful and detailed information to the taxpayers we serve. Because of the teamwork and dedication from both offices, we were able to meet all our deadlines for the audit.”
“It is a true team effort that stretches across state government,” Morrissette added. “The Office of Management and Budget is committed to making transparency a priority. The CAFR report provides just that – a complete and transparent look at the financial condition of the state.”
The 2018 North Dakota CAFR recently received the highest score in the nation from nonpartisan watchdog organization Truth in Accounting for financial transparency. The 2018 North Dakota CAFR was also the 27th North Dakota CAFR in a row to receive the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting.
The CAFR is required to be completed annually by the Office of Management and Budget under NDCC 54-44-04-14.
Morrissette added that in addition to the objective look that it provides the public into the finances of state government, the CAFR is an important report that is also used by bond rating agencies.