Congratulations on making it through year-end! While some of you are still finalizing financial statements (as we are), the majority have crossed the finish line and that’s worth celebrating.

We’re pleased to report that over 83% of agencies cleared all exceptions by Phase 2 Close. Thank you for your hard work and dedication!

That said, a number of agencies were unable to meet the deadlines. We understand that challenges such as staff turnover and resource constraints can impact timelines. However, the timely and accurate completion of the Annual Comprehensive Financial Report (ACFR) relies on every agency submitting complete entries in AFRS and the Disclosure Forms. When deadlines are missed, it creates pressure on the overall timeline.

Looking ahead, we encourage each agency to hold a “lessons learned” session to reflect on what went well and what could be improved for next year. The goal is to streamline the process so everyone can reach the finish line more efficiently and with fewer headaches.

To prepare for next year:

  • Review and clear exceptions monthly
  • Assign clear ownership: One person should manage the exception list and clarify who is responsible for resolving specific issues.
  • Don’t wait to ask for help: If questions arise that can’t be addressed within your team, reach out to your agency’s assigned OFM Statewide Accountant as soon as possible.

We truly appreciate the time, energy, and attention to detail that fiscal staff put into closing the fiscal year. Your efforts are vital to producing accurate, high-quality financial data for the ACFR and other financial reports.

Thank you again for your commitment. We can all take pride in what we’ve accomplished together this year!