The City of Beaufort’s Comprehensive Annual Financial Report was presented to City Council at its Work Session on Jan. 14.
The Annual Financial Report is a look at the City’s finances during its fiscal year, from July 1, 2018, through June 30, 2019. The financial statements were audited by the accounting firm of Mauldin & Jenkins, LLC, which issued a “clean audit opinion” and noted that the City complied with government auditing standards.
The City has an AA rating from Standard & Poor’s and an Aa2 rating from Moody’s Investor Services for general obligation debt, meaning that the City has a very strong capacity to meet its financial commitments.
The City’s Finance Department also was notified Tuesday that it had received the Distinguished Budget Presentation Award for its fiscal year 2020 budget document from the Government Finance Officers Association. It recognizes that the City met the highest principles of government budgeting, and that the City presents its budget to the public effectively through a policy document, a financial plan and other elements.
This is the third consecutive year that the City’s Finance Department has been recognized with this award.
The Comprehensive Annual Financial Report can be found on the City’s website at http://bit.ly/3agmw17.