The State Auditor’s Office has completed their audit of the Comprehensive Annual Financial Report prepared by the Office of Management and Budget. This report — known as the CAFR — presents North Dakota‘s financial statements for the fiscal year 2020.
The Auditor’s Office identified an area of concern during their work which related to state oil impact highway projects and a need to reclassify capital assets correctly to reflect depreciation. This process is important as it provides guidance to management for operating decisions and allows for all transactions to be accurately recorded.
The Office of Management and Budget indicated that the recommendation from the Auditor’s Office will be implemented. Their team is making changes to ensure these recommended updates are implemented.
“The CAFR is a detailed, extensive report that presents a sweeping review of our state’s financial condition with a net position exceeding $21.5 billion for governmental activities,” said State Auditor Joshua Gallion. “I appreciate the Office of Management and Budget staff, as well as the State Auditor’s Office staff, who put a great deal of coordination and effort into this report.”
The full report can be viewed here: 2020 CAFR.