Champions of the Freedom of Informatin Act can take note.

South Carolina now leads the nation in timely financial reporting

The state’s comprehensive annual financial reporting time is the nation’s best — and nearly 11 weeks better than the national average, SC Comptroller Richard Eckstrom said.

“We work hard to show investors that our state is committed to transparency and accountability. Issuing timely, accurate financial reports is clearly part of that.”

To taxpayers, that can mean lower interest rates when public officials borrow money to meet community needs.

“This is a big achievement,” the Lexington County native said.

“We put in lots of long nights and weekends to make it happen and it’s gratifying to see the results.

The Government Finance Officers Association, which evaluates the annual accounting reports of state governments, says reports published within 180 days of a state’s fiscal year end are considered “timely.”

Only 21 states met that standard in 2020.

South Carolina’s 302-page report is a detailed account of state finances, containing information on assets, liabilities, long-term debt, revenues, expenditures, and cash flows.

It’s used by investors and credit rating agencies to decide on bond interest rates and by state leaders to manage finances.

The more timely the report, the more useful it is to those who rely on it, Eckstrom said.

Timeliness is a factor that credit rating agencies consider in rating bonds.

“Transparency leads to better government,” he said. “Timely financial reporting is a big part of being transparent.”