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I am State Controller, David McCoy, and I am pleased to present the twenty twelve
Comprehensive Annual Financial Report
otherwise known as the CAFR
North Carolina's CAFR is prepared each year by the Office of the State Controller and is
audited by the Office of the State Auditor
The report which outlines North Carolina's financial condition
has received a clean opinion from auditors
indicating that it fairly represents the financial position of the state
North Carolina ranks as one of the top states to finish its CAFR early
In fiscal year twenty eleven only three states
New York, Utah and Washington
and the District of Columbia completed their CAFR prior to North Carolina
We're also proud of the fact that the Office of the State Controller
has once again received the Certificate of Achievement for Excellence in Financial
Reporting
by the Government Finance Officers Association of the United States and
Canada
for it's twenty eleven Comprehensive Annual Financial Report
marking the eighteenth consecutive year that North Carolina's CAFR
received this recognition
The award is the highest form of recognition in the area of governmental
accounting and financial reporting
and is used by bond rating agencies and other financial organizations
to assess the state's fiscal health and economic outlook
despite the lingering impact of the great recession
North Carolina remains one of only nine states to enjoy top-tier rankings
such as our triple-A bond rating from all three credit rating agencies
The CAFR must be prepared annually in compliance with governmental accounting
standards issued by the Governmental Accounting Standards Board
Bond raters and investors in state debt
require GAAP-based financial statements and their related note disclosures
in this document you'll find a helpful management discussion and analysis section
that provides an overview of the state's financial activities addressing both
government and business type activities
reported in the government wide financial statements
The MDNA section also focuses on the state's major funds
the general fund, the highway fund, the highway trust fund
the unemployment compensation fund
the EPA revolving loan
in North Carolina State Lottery fund
and the north carolina turnpike authority
This year we're proud to feature a scene from the grand opening of the nature
research center
the new wing of the north carolina museum of natural sciences on the cover
of our CAFR
The nature center brings research scientists and their work into the public
eye
better prepares science educators and students
and inspires a new generation of young North Carolina scientists
The nature center opened in April twenty twelve after a successful public
private capital campaign
Again I want to thank the staff of the Office of the State Controller for their
dedication and hard work
as they produced a quality document that year after year receives the highest
recognitions
and I want to thank you for your continued support and interest in north carolina
and it's state government
where good government is a habit. Thank you