The Government Finance Officers Association recognized Larimer County’s excellence in financial reporting, and its strong financial position was commented on by Moody’s Investors Service.
Larimer County received a Certificate for Excellence in Financial Reporting for its 2020 Comprehensive Annual Financial Report, prepared by the Larimer County Department of Finance. Because of COVID-19 restrictions, finance staff compiled the report while working remotely, and at the same time, implemented an improved financial system.
The report was submitted to the Government Finance Officers Association and underwent a rigorous evaluation to receive the certificate. The certificate goes to entities that practice transparency and full disclosure in financial reporting. Only 14% of U.S. Counties typically receive the certificate for their reports. “2020 tested the strength and skill of the Finance Department”, said Finance Director Carol Block. “It makes this certificate especially meaningful.”
Moody’s Investors Service also completed an Issuer Comment on Larimer County’s finances. According to Moody’s, “Larimer County has an extremely strong credit position. Its AAA rating exceeds the median rating of AA2 for U.S. counties. Notable credit factors include a very healthy financial position, negligible debt, pension liabilities, an extensive tax base, and a strong wealth and income profile.“
“The Moody’s triple-A rating is really something to celebrate. It shows we are good financial stewards of taxpayer dollars and gives credit to our finance team and budgeting team,” said Larimer County Commissioner Kristin Stephens.
Preparing a well-designed Annual Financial Report is one way of demonstrating financial stewardship, and Moody’s comments and ratings help Larimer County borrow funds at reasonable rates.