What’s New at the Division of Finance
Cory Weeks -- New Accounting Operations Manager
Cory Weeks was selected as the new Accounting Operations Manager in place of Rick Beckstead who retired.
Cory has worked for the Division of Finance since June 2014. In his previous position as the Payment Card Industry (PCI) Compliance program coordinator, he designed and organized structural models to help state agencies meet and maintain compliance with PCI regulations. He also participated in financial information systems security reviews, as well as assisted with financial reporting.
Prior to joining the Division of Finance, Cory worked for the Church of Jesus Christ of Latter-day Saints in business operations and for Qwest Communications in marketing and sales. He holds a B.A. in Business Management, a certificate in International Economics, and a Master of Accounting from Weber State University.
2017 State of Utah Comprehensive Annual Financial Report (CAFR)
The Division of Finance is pleased to present the 2017 Utah State Comprehensive Annual Financial Report (CAFR). We express deep appreciation to Assistant State Comptroller Marcie Handy and her team of dedicated accounting professionals who prepared this document.
We also express gratitude to the budget and accounting officers throughout state government and the Office of the State Auditor for their assistance. Without their efficient service the preparation of this report would not have been possible.
The Government Finance Officers Association has recognized the State of Utah with the Certificate of Achievement of Excellence in Financial Reporting for 32 consecutive years. We applaud the Financial Reporting team for its outstanding accomplishments.
State of Utah Financial Highlights
Fiscal Year Ended June 30, 2017
Summary financial information on budgeted reserves and surplus, appropriations, major state revenue sources and program expenditures, as well as on highway construction, general obligation bonds, and selected funds for fiscal year 2017 is provided in the State of Utah Financial Highlights.
The State of Utah continues to enjoy triple/triple bond ratings on its general obligation bonds, the best possible ratings:
Fitch Ratings -- AAA
Moody's Investors Service -- Aaa
S&P Global Ratings -- AAA
The Division of Finance thanks all state financial managers and accounting professionals for their diligence and effort during the FY 2017 budget closing process.
Thank You to Retiring Finance Employees
RICHARD (RICK) BECKSTEAD, CPA
Rick Beckstead is retiring after 33 years in public service. He first worked for the Utah State Auditor's Office for 10 years and then transferred to the Division of Finance.
After serving as Financial Information Systems Manager for 11 years, Rick moved to his current position as Accounting Operations Manager. He helped pass legislation to authorize and implement the Wage Match program, which enables the Office of State Debt Collection to collect millions of dollars in debt and fees owed to the State.
Moreover, under his leadership, online debt payment services through the EzPay payment portal and the Payment Plus program have improved the cost-efficiency of collections and state payment programs. Rick’s latest initiative to implement the Travel-Purchase Card program has resulted in higher rebates to the State.
Rick’s innovative leadership has contributed significantly to increasing efficiency in governmental accounting and debt collection, and to generating income to the State.
GARY MORRIS, CPA
According to Gary Morris, "These last 23 and a half years with the Division of Finance have been a wonderful growth path for me, particularly working with people here and in all the agencies around the State."
He continued, "My personal thanks to all of you. We didn’t always agree nor were we 'perfect' but because of your and our diligence, I believe we helped Utah continually be a 'shining star' across the 50 states and to many local governments."
For the past 16 years, Gary has worked in the Financial Reporting Section as an accountant. His Section Manager Marcie Handy said, "Gary's greatest achievement is his teamwork. He willingly assists team members and supports management in order to ensure a successful end result on Division projects. He is always thinking of the 'greater good,' and that is reflected in his performance and attitude in all assignments."
As the State's "functional expert" in receivables and revenues, Gary has been a great asset to the Division of Finance.
MARY LEE HICKEY
In 1994, Mary Lee Hickey and her family moved from Louisiana to Utah. She began working for the Division of Finance in October of that year as a computer programmer. When the State consolidated information technologies, Mary Lee was transferred to the newly created Department of Technology Services.
One of the highlights of Mary Lee’s career was being the technical lead for the development of the Utah Public Finance (Transparency) website because she feels strongly that transparency in governmental accounting is important. She is pleased with the opportunity as an IT analyst to ensure that Utah state government financial information is made available to the public.
She has also enjoyed helping people from different state agencies solve business needs and create value within organizations by facilitating reporting and providing insight from complex sets of data available in state financial information systems.
Mary Lee has indeed been an invaluable information technology member of the Finance team.
Division of Finance
The Division of Finance promotes a culture of customer service, efficiency, and effectiveness.
We also expect a high degree of fiscal accountability for the taxpayer resources entrusted to the State from the Utah Legislature and other stakeholders.