FOR IMMEDIATE RELEASE

Comptroller Franchot Receives Top Honor in Accounting and Financial Reporting

Fiscal Year 2007 CAFR Awarded for Excellence and "Spirit of Full Disclosure"

ANNAPOLIS, MD (September 29, 2008) - Comptroller Peter Franchot, the state's chief financial officer, has been awarded a Certificate of Achievement for Excellence in financial reporting. The prestigious award was given to Franchot by the Government Finance Officers Association (GFOA), of the United States and Canada, for Maryland's fiscal year 2007 Comprehensive Annual Financial Report (CAFR). The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting.

"I have always been a strong advocate for transparent government and as the state chief fiscal officer, I strive to keep our agency running in the most efficient and effective way possible," said Comptroller Franchot.

The CAFR is judged by an impartial panel to meet high standards of the program including demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users to read the CAFR.

The Comptroller of Maryland has won the award for 29 consecutive years.

For more information on award program, visit the GFOA. For more information on the state's financial picture, view the state's fiscal year 2007 CAFR.

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Contact: Lisa Lester (410) 260-7210