California Lottery Wins Financial Reporting Award
SACRAMENTO – For the ninth consecutive year, the California Lottery has received a prestigious award for financial reporting from the Government Finance Officers Association of the United States and Canada (GFOA). The award is a Certificate of Achievement for Excellence in Financial Reporting given for the Lottery’s comprehensive annual financial report (CAFR) for the fiscal year that ended June 30, 2011.
“The Certificate of Achievement is the highest form of recognition in state and local government financial reporting,” Lottery Director Robert T. O’Neill said. “To win the award once is a great honor. To win it for nine straight years is a testament to the great work done year in and year out by the Lottery’s Finance team.”
To be awarded a Certificate of Achievement, an agency must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.
The 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 GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago and Washington, D.C.
The mission of the California Lottery is to provide supplemental funding to California schools while simultaneously supporting local communities. More than 94 cents of every dollar spent by our players goes back to local communities in the form of contributions to public schools and colleges, prizes and retail compensation. Since 2000, Lottery players have contributed $1 billion to public schools each year, and, since we began in 1985, Lottery players have contributed a total of more than $24 billion to education. The California Lottery urges its customers to play responsibly and within their budgets. If you feel you have a gambling problem, or know someone who does, you can get help at 1-800-GAMBLER.