Bernalillo County – The Bernalillo County Board of Commissioners has approved an annual financial report which shows an exceptionally positive review of county finances.
The 2011-12 fiscal year Comprehensive Annual Financial Report received an unqualified or “clean” audit opinion and shows no audit findings, or items of concern in a review of the county’s financial transactions.
County finances were audited by the Albuquerque branch of Moss Adams, LLP. The report was prepared by the county’s Accounting Department under supervision of Deputy County Manager Teresa Byrd and Director Jeff Lovato.
The report also shows that the county’s general obligation bonds received a top rating of AAA from Standard and Poor’s Rating Services. Standard & Poor's considers Bernalillo County's financial management practices "strong" under its Financial Management Assessment methodology indicating practices are strong, well-embedded, and likely sustainable.
Clean audit reports and timely financial reporting factor into these ratings, which result in lower interest rates for the bonds issued by Bernalillo County, ultimately saving taxpayers money.
“The Bernalillo County Commission is extremely proud of our finance staff and its dedication to strong financial oversight,” Commission Vice Chair Maggie Hart Stebbins says. “This audit – without a single finding – is remarkable for a local government with a budget as large as ours. That is something to celebrate.”
Deputy Manager for Finance Teresa Byrd says, “Bernalillo County will continue to work hard to incorporate comprehensive financial planning, healthy cash reserves and a strong financial reporting team as part of our long-range vision to manage the budget and report our financial transactions accurately.”
Earlier this year, Bernalillo County received the Certificate of Achievement Award for Excellence in Financial Reporting from the Government Finance Officers Association for its 2010-11 Comprehensive Annual Financial Report. This was the eighth year in a row Bernalillo County received this award.
County officials intend to submit the 2011-12 report for consideration for an excellence award as well.
To view Bernalillo County’s Comprehensive Annual Financial Reports, click here
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