In order for the County to qualify for millions of dollars in State and Federal reimbursements, an Annual Comprehensive Financial Report (ACFR) must be prepared according to prescribed guidelines. The ACFR presents the county’s financial information for use by the public, government, bond-rating agencies and internally to ascertain the financial health of the County. It is prepared in conformance with Generally Accepted Accounting Principles (GAAP). The report is also required to reflect any new Governmental Accounting Standard Board (GASB) pronouncements affecting ACFR reporting. When complete, the report is audited by an external independent accounting firm to ensure compliance. The highest standard by which all ACFRs are measured is the Government Finance Officer’s Association’s Certificate of Achievement for Excellence in Financial Reporting. Orange County’s ACFR has received this honor every year since 1996.
For current and past ACFR reports, click here.