Monday, August 22, 2011

City Receives Excellence in Financial Reporting Award

The City of Richmond has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for the City’s Comprehensive Annual Financial Report (CAFR) for the fiscal year ending on June 30, 2010. The award is the highest form of recognition in governmental accounting and financial reporting and its attainment represents a significant accomplishment by a state or local government. The City’s Department of Finance was also presented with an Award of Financial Reporting Achievement, an accompanying award to the designated department primarily responsible for preparing the award-winning CAFR. This is the 27th time the City of Richmond has received the Award for Excellence in Financial Reporting.

"I am proud that the city has again received this distinction as it exemplifies this administrations’ commitment to outstanding financial management in serving the residents of Richmond," said Mayor Dwight C. Jones. "Excellent performance and achieving the highest standards in government accounting and financial reporting is paramount; and accurate, transparent financial operations are critical in achieving a Triple-A bond rating.”

The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program in 1945 to encourage state and local governments to exceed the minimum requirements of generally accepted accounting principles to prepare financial reports that provides transparency and full disclosure. The awards program recognizes individual governments that succeed in achieving that goal.

The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL, and Washington, D.C. Details of recent recipients of the Certificate of Achievement and other information about the Government Finance Officers Association and its Certificate Program are available in the "Awards Program" area at www.gfoa.org.