State of Wisconsin Awarded Highest Recognition for Financial Reporting

Madison, Wis. – Today, DOA Secretary Kathy Blumenfeld announced that the State of Wisconsin was once again awarded a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA). Wisconsin received the award for the Annual Comprehensive Financial Report (ACFR) issued by the State Controller’s Office for fiscal year 2023-24. The report has been judged by an impartial panel to meet the high standards of the program.

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. The state of Wisconsin ACFR has received a Certificate of Achievement for Excellence in Financial Reporting each year since 1996.

“My administration continues to make smart, strategic investments while saving where we can and our success shows. We’ve saved Wisconsinites in the long run while we’ve maintained a AAA bond rating now for over four years and increased our rainy-day budget stabilization fund to a record-high $2 billion,” said Governor Evers. “After 30 years of Wisconsin’s checking account running a deficit, I’m incredibly proud that we’ve ended every fiscal year I’ve been governor with a positive balance, and I look forward to continuing to build upon this work and maintaining our economic momentum..”

“I am incredibly proud that the hard work of our dedicated public servants has been nationally recognized for nearly thirty years running,” added DOA Secretary Kathy Blumenfeld. “This latest award represents our enduring dedication to strong financial stewardship and accountability to Wisconsin taxpayers.”

Gov. Evers has made addressing the state’s deficit a top priority throughout his administration. In 2020, Gov. Evers announced that the state was no longer running a deficit using Generally Accepted Accounting Principles (GAAP) for the first time since the state’s ACFR was published in 1990. The state has maintained a positive GAAP balance for five consecutive years. The adoption of GAAP by the state of Wisconsin for financial reporting purposes serves to present the state’s financial position in a business-like manner. GAAP reporting accurately measures financial operations, fully discloses financial positions, and provides information for financial managers. The “rainy day” budget stabilization fund has set a new record in every fiscal year under Gov. Evers, while the state has maintained a AAA bond rating since 2021.

Visit the DOA Financial Reporting website to learn more.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.