GEORGETOWN, Del., Jan. 24, 2006 – In an age of corporate financial scandals and growing public mistrust, Sussex County government is setting the standard for good accounting practices and principles.
That’s reflected in a prestigious award recently bestowed upon the county.
Sussex County, for the third year in a row, has won the Certificate of Achievement for Excellence in Financial Reporting for its comprehensive annual financial report for fiscal year 2004. The award is among the highest forms of recognition for governmental accounting and financial reporting.
The Government Finance Officers Association of the United States and Canada, based in Chicago, awarded the Certificate of Achievement to the county in 2005 and recently shipped a plaque for display. Sussex County Council formally received the award at its Tuesday, Jan. 24, 2006, meeting.
The award is an acknowledgment of Sussex County’s comprehensive annual financial report, or CAFR. That document is, in essence, a summary of the county’s annual audit, showing assets, liabilities, equity, revenues and expenses. It also contains information about county demographics and the local economy.
That compiled information helps those reviewing the report – such as investors – to get a better picture of the county’s financial condition.
“This Certificate of Achievement is a major accomplishment,” said County Finance Director David B. Baker. “It indicates that our financial reporting meets the standards that our peers in governmental accounting look for, and that it is prepared with the information and in a format that will be helpful to anyone using it.”
Mr. Baker said he and the Sussex County accounting department spent many extra hours compiling the report. For their efforts, nine people were honored at Tuesday’s County Council meeting with plaques of their own. Mr. Baker also praised the county’s auditors, Jefferson, Urian, Doane & Sterner, P.A., and extended a special thanks to certified public accountants Elaine Graves and Jean Schmidt, as well as Accounting Director Susan Webb.
County Administrator Robert L. Stickels said taxpayers should see the award as a sign that the money they’ve entrusted to their local government is being managed appropriately.
“Sometimes I’m not sure the general public understands the complexity of county financing,” Mr. Stickels said. “What can be understood, though, is that only approximately 2 percent of counties receive this award. So, this says we’re in a select group.”
