DOVER, Del. – State Auditor Kathy McGuiness said today that Delaware is among states nationwide that will file their Annual Financial Comprehensive Report (ACFR) later than the traditional Dec. 31 filing date.
“Nationally, there are multiple reasons states are filing their ACFRs later this year,” McGuiness said. “One main reason is that COVID relief funding disbursed by the federal government resulted in additional workloads on some state agencies without additional resources or personnel being provided to them.
“That’s the case here in Delaware, which received over $1 billion in COVID relief funding in fiscal year 2021,” McGuiness continued. “As government officials grappled with how to handle and properly distribute this massive amount of COVID relief money, their focus was necessarily on providing support for the COVID-related programs that were put into place, which impacted their ability to provide timely year-end financial reporting data.”
The ACFR, formerly known as the Comprehensive Annual Financial Report (CAFR), is a far-reaching annual review of the State of Delaware’s finances. More than 40 state agencies’ finances are examined, and the results act as a kind of fiscal report card for the state. ACFR results are one factor used by bond rating agencies such as Moody’s to determine Delaware’s bond rating, which is currently AAA, the highest rating possible.
Delaware’s ACFR audit work is performed by national CPA firm CliftonLarsonAllen LLP on behalf of the Office of Auditor of Accounts.
McGuiness said the extenuating circumstances that led to this year’s need for an extension are unfortunate but that she and CliftonLarsonAllen staff continue to push for a resolution so that Delaware’s bond rating is not affected. There is no negative impact to extending the release to January.
“When it comes to evaluating Delaware’s standing in the financial marketplace, there is no document more important than the ACFR,” McGuiness said. “I have confidence that these outstanding financial statements will be reconciled quickly and effectively, and the State of Delaware will be able to file its ACFR in January.”
Learn about the Delaware Auditor’s Office at auditor.delaware.gov.
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Contact:
Anna Nuzzolese, Executive Assistant
302-857-3907