Worcester receives another award-winning financial report | News

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Worcester County’s Comprehensive Annual Financial Report (ACFR) was presented to County Commissioners on Tuesday and highlighted the achievements and strong decision-making in FY21 that led to the 13th consecutive Certificate of Achievement for the County of Worcester. county for excellence in financial reporting.

The award, given by the Government Finance Officers Association, certifies that the county has provided a comparable document to other government units and has passed the required accounting changes and statements needed to comply, the county’s finance officer said, Phil Thompson.

In his presentation, Thompson pointed to various changes to the document, including a fundamental one – the renaming of the full annual financial report to the current ACFR because the former’s acronym was phonetically identical to a South African racial slur.

“The document contains a fixed budget for the county, which was adopted in response to covid-19 approximately two months into the pandemic,” Thompson said. “Details of the adopted budget, fluctuations and items of income and expenditure are contained in the analysis of the management discussion.”

Thompson noted other changes such as the adoption of Governmental Accounting Standards Board Statement No. 84, which aims to improve the identification of fiduciary activities for accounting and financial purposes and the manner in which those activities are reported.

“This change has made it easier than ever to see the total financial activity processed annually by the county and subject to this audit,” Thompson said.

On the numbers side, Thompson pointed to the General Government Fund’s total income at $242 million, the Enterprise Fund’s income at $23.1 million and $89.3 million in raised money fund. of “other governments”.

“Before, you couldn’t see (those numbers) in the financial statements, so that improves accountability as well as transparency,” Thompson said. “But the total revenue audited and included in the document is $354 million raised in FY21.”

The general fund recorded a total balance of $71.2, which represents an approximately 50-50 split between restricted and unrestricted funds.

This story appears in the print version of Ocean City Today on January 14, 2022.
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