More than four months after the usual publication date of December 31, Iowa’s Annual Comprehensive Financial Report (ACFR) for the fiscal year that ended on June 30, 2021 is nowhere in sight.
It’s the second straight year that the detailed report on state finances is far behind schedule. The ACFR must be completed before many other annual audits of state government entities can be conducted.
For decades, Iowa routinely published the report within six months of the end of the previous fiscal year. That time frame earned the state a Certificate of Achievement for Excellence in Financial Reporting from the leading organization for government finance officers.
CAUSE OF DELAY STILL UNCLEAR
The report for fiscal year 2020 was delayed for about nine months, mostly because of accounting problems at Iowa State University. But the university told Bleeding Heartland in January that ISU “submitted all year-end financials, responded to audit questions and completed recommended changes for the final financial statements by Nov. 12, 2021.” That’s only about six weeks after the deadline for most state government entities to send fiscal year-end data to the Iowa Department of Administrative Services.Continue Reading...