Sussex County lands 17th award for excellence in financial reporting

GEORGETOWN — Kudos for financial success keeps racking up for Sussex County government.

On the heels of earning the highest bond rating possible, Sussex County has won another distinction — its 17th award for outstanding auditing and budgeting practices.

The Chicago-based Government Finance Officers Association of the United States and Canada in July awarded Sussex County its Certificate of Achievement for Excellence in Financial Reporting for the 2018 comprehensive annual financial report (CAFR).

The award is among the highest forms of recognition for governmental accounting and financial reporting.

The award is an acknowledgment of Sussex County’s comprehensive annual financial report, or CAFR. The document includes the county’s annual audit, showing assets, liabilities, equity, revenues and expenses. It also contains information about county demographics and the local economy.

That information helps those reviewing the report – such as investors – to better gauge Sussex County’s financial condition.

“Sussex County prides itself on its fiscal management and our staff, particularly Deputy Finance Director Kathy Roth, do a tremendous job each and every day in seeing that we live by the highest accounting standards,” Sussex County Finance Director Gina A. Jennings said. “We are pleased to win this honor once again. It is a reflection of Kathy (Roth) and the finance staff’s steadfast efforts to keep our financials in impeccable shape.”

“Another great job,” said Sussex County Council President Michael Vincent, R-Seaford.

In July, Sussex County announced it had hit a financial home run, scoring a Triple A bond rating from one of the nation’s leading investment analysis firms.

Moody’s Investors Service on July 12 upgraded the county’s general obligation bond rating – a credit score for businesses and governments – from Aa1 to Aaa, the highest rating possible.

The shift is the first significant change in the county’s bond rating in several years and represents a first-time achievement for Sussex County government.

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