Fiscal Year 2005 CAFR Awarded for Excellence and "Spirit of Full Disclosure"

ANNAPOLIS, MD (Aug. 23, 2006)-Comptroller William Donald Schaefer has been awarded, for his seventh straight year, as the state's chief accountant, a Certificate of Achievement for Excellence in financial reporting from the Government Finance Officers Association (GFOA), of the United States and Canada, for Maryland's fiscal year 2005 Comprehensive Annual Financial Report (CAFR).

"The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management," said Stephen J. Gauthier, Director of the GFOA Technical Services Center, in his congratulatory letter to Comptroller Schaefer.

The GFOA is an internationally recognized nonprofit association serving more than 16,500 government finance professionals. The Comptroller's CAFR was judged by an impartial panel, with more than 3,500 others, and met the organization's highest standards by clearly communicating the state's financial story in the "spirit of full disclosure."

"We work very hard to maintain a constant record of integrity and excellence," said Comptroller Schaefer. "People know to expect no less, and I'm proud we haven't disappointed them."

CONTACT:
Michael D. Golden, 410-260-7305
Kevin P. Kane, 410-260-7578