COLUMBIA, S.C. (WCIV) -- South Carolina received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada for the state's fiscal 2012 comprehensive annual financial report.
"The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management," the Government Finance Officers Association said when announcing the award.
South Carolina's Comptroller General's Office has earned the award for 25 years in a row.
"The CAFR is an important transparency tool for state government," Comptroller General Richard Eckstrom said. "It provides accountability. It's studied widely by the national bond rating agencies, our bondholders, and by financial analysts and others that monitor state finances."
Eckstrom's office also monitors spending by state agencies to make sure they stay within their budgets, pays invoices on behalf of state agencies and processes bimonthly payrolls for about 45,000 state employees, in addition to issuing their W-2s at the end of the year to file their tax returns.