Tuesday, January 19, 2021 - 11:00am

The Office of Management and Budget today released the 2020 Comprehensive Annual Financial Report (CAFR), a document that encompasses the fiscal activity for all of state government for the period from July 1, 2019 to June 30, 2020.

“The CAFR is a comprehensive report that encompasses the fiscal activity for all of state government,” said Office of Management and Budget Director Joe Morrissette. “It is truly a collaborative project that involves all agencies and institutions of state government. This showcases how state government can come together on a project to work as one. We are grateful for our fellow agencies who have prioritized this work.”

Morrissette specifically expressed his gratitude to the dedicated team at the Office of Management and Budget who worked long hours to finalize this report ahead of deadline and to the Office of the State Auditor for the work of their team to audit the CAFR in a timely manner.

"Our team appreciates the tremendous work the North Dakota Office of Management and Budget has done compiling the 2020 financial statements of North Dakota,” State Auditor Josh Gallion said.  “The CAFR report provides an extensive overview of the financial condition of our state, and by our agencies working together we were able to accomplish an audit of this detailed report."

In the state CAFR, fiscal information from all of state government is compiled, corrected and adjusted by the Office of Management and Budget CAFR team to present it in a consolidated manner that conforms to standards issued by the Governmental Accounting Standards Board (GASB). 

“The Office of Management and Budget is committed to making transparency a priority,” Morrissette stated. “The CAFR report provides just that – a complete and transparent look at the financial condition of the state for use by the public, policy makers and bond rating agencies.”

North Dakota maintained its high ranking from nonpartisan watchdog organization Truth in Accounting. In its 2020 Financial State of the States report, North Dakota received an “A” grade and the second-highest score among all states. Truth in Accounting also awarded North Dakota the third-highest score of any state for financial transparency. The 2019 North Dakota CAFR was also the 28th North Dakota CAFR in a row to receive the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting. The 2020 CAFR will be submitted to the GFOA for peer review to confirm that North Dakota has maintained this status.

The CAFR is required to be completed annually by the Office of Management and Budget under N.D.C.C. 54-44-04.14.