New User Friendly Financial Report Released By Howard County Officials

HOWARD COUNTY, MD — County officials have launched what they describe as an easy-to-understand report of Howard County's financial condition for fiscal year 2021 called the popular annual financial report. This modified report is shorter and simpler than the fully audited annual comprehensive financial report, according to Howard County Executive Calvin Ball, and is intended to provide the public with an overview of the county’s operations, programs and financial condition in an accessible and transparent format.

"Our goal is to make sure every resident who seeks information about Howard County finances and operations can get what they need in a clear and concise manner. We are proud of our financial management, which has been recognized with an AAA rating from all three bond rating agencies, and with awards for our reporting. Our finance staff continues to uphold the highest accounting standards and helps us operate an innovative and efficient government, and the new report format is another step toward excellence and accountability," Ball said.

Each fiscal year, Howard County issues an official, independently-audited ACFR. The new report format provides high-level data on county revenues, including COVID-19 relief funding, current assets and liabilities, and the flow of expenses, as well as the status of capital project funding and rainy day funds. Through its Howard County At-a-Glance data, individuals can also see trends in demographic and employment statistics, added Rafiu Ighile, director of the county's department of finance.

"We are very excited to be able to issue our inaugural edition of the PAFR to kick off a new financial report that will be beneficial to the public," Ighile said.