SACRAMENTO – Today Director Borucki announced that the Certificate of Achievement for Excellence in Financial Reporting has been awarded to the California Lottery by the Government Finance Officers Association of the United States and Canada (GFOA) for its Fiscal Year 2005-06 Comprehensive Annual Financial Report (CAFR) for the fourth consecutive year. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
“I am pleased that our Finance Division has once again been acknowledged for the fine work that it does,” said Lottery Director Joan Borucki. “The California Lottery employs some of the hardest working individuals in the state. This award from the Government and Finance Officers Association of the United States and Canada proves that our staff is among the best.”
The California Lottery’s CAFR has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.
The California Lottery’s Finance Division employs over 50 employees. Throughout the year, the California Lottery works with its own Audit Division, the California State Controller’s Office and the international auditing firm KPMG to ensure the highest levels of accuracy in its financial reporting.
The California State Lottery contributes at least 34 cents of every dollar that players spend on Lottery products to public education and returns more than 50 percent of sales to players in the form of prizes. Since its inception in 1985, the Lottery has contributed more than $19 billion to California schools out of total sales of more than $52 billion. Retailers win too, earning $3.3 billion in compensation since 1985.
The GFOA is a nonprofit professional association serving approximately 16,000 government finance professionals with offices in Chicago, IL, and Washington D.C.