The CAFR is an important financial document that includes audited financial statements and other critical details designed to give the public access to the county’s financial information. For years, Cook County failed to submit the report within six months of the close of the fiscal year as established by the Government Finance Officers Association (GFOA). The GFOA encourages state and local governments to prepare these comprehensive annual financial reports in the spirit of transparency and full disclosure to the public, bondholders, and bond ratings agencies.
“Releasing the CAFR on time is an important step towards a more open and accountable government,” President Preckwinkle said. “Cook County’s prior delays in releasing its audited financial statements diminish its accountability. We will continue to meet deadlines to disclose the government’s financial condition and ensure our county is compliant with accepted standards and practices that will promote investment and growth.”
President Preckwinkle has made transparency and accountability a key priority of her administration, and issuing the CAFR on time is a clear sign that the county is putting its fiscal house in order. President Preckwinkle thanked the Bureau of Finance, the Comptroller’s Office, the County Auditor, McGladrey LLP and the other external auditors for their hard work on issuing the CAFR in a timely manner.
The county’s fiscal year runs from December 1st to November 30th.