The Office of Management and Budget (OMB) today released the 2023 Annual Comprehensive Financial Report (ACFR) for the period from July 1, 2022, to June 30, 2023.
“The ACFR is an annual state report that serves as a view into the state’s financial activity for the past fiscal year,” OMB Director Susan Sisk said. “We are grateful for the fiscal professionals across state government who worked with our small, dedicated ACFR team at OMB to compile this report in an accurate and timely manner.”
The ACFR is a collaborative project across state government. Fiscal information from all of state government is compiled, corrected and adjusted by the OMB ACFR team to present it in a consolidated manner that conforms to standards issued by the Governmental Accounting Standards Board (GASB).
Sisk noted that the 2023 North Dakota ACFR shows the state in a strong financial position heading into this fiscal year, with North Dakota’s net position and general fund balance showing strong growth since last year: 10.7% and 16.5%, respectively.
“North Dakota has long been recognized for providing transparency for our residents regarding the financial operations of state government,” Sisk added. “The ACFR, along with our real-time financial dashboards, represent just two of the ways that we ensure that up-to-date information is available to the public.”
North Dakota maintained its high ranking from nonpartisan watchdog organization Truth in Accounting. In its 2023 Financial State of the States report, North Dakota received an “A” grade and the second highest score among all states for the overall health of the state financial condition.
Validating the quality of the financial reporting team’s work in preparing the state ACFR, North Dakota was awarded the Certificate of Achievement for Excellence in Financial Reporting for its 2022 ACFR by the Government Finance Officers Association of the United States and Canada (GFOA) for the 31st year in a row.