Geneva wins trifecta of financial reporting accolades
Feb 27, 2018 08:40AM
Geneva’s financial reporting and transparency efforts have culminated with the City’s third national award in 2018.
The Government Finance Officers Association of the United States and Canada recognized the City’s accomplishments during the past two months. The honors signify the highest form of recognition in the field of governmental accounting and financial reporting. The Association is a non-profit organization serving about 19,000 government finance professionals.
The City received the following honors:
· Distinguished Budget Award: The City's budget practices have garnered recognition for eight consecutive years. In order to receive the award, Geneva had to satisfy nationally recognized guidelines, including how well an entity's budget serves as a policy document, a financial plan, an operations guide and a communications device. Budget documents must be rated “proficient” in all four categories, as well as the 14 mandatory criteria within those categories, to receive the award.
· Certificate Of Achievement For Excellence In Financial Reporting: For the fifth straight year, the City was recognized for going above and beyond with its Comprehensive Annual Finance Report (CAFR). The City’s 2016-17 audit report contains financial statements and records from the past decade, property tax and debt data, and general statistical information about Geneva. The award demonstrates the City’s “spirit of full disclosure” to clearly communicate its financial picture to the public.
· Popular Annual Financial Report: Reading the 200-page CAFR, while thorough, can be a daunting task. The Popular Annual Financial Report (PAFR) is a 17-page, visually-friendly audit summary filled with photos and graphs offering readers a better understanding of the complexities of government finances and other helpful information. The Association bestowed the PAFR award to Geneva for the second consecutive year.
Geneva’s budget and financial reports can be found on the City’s website under the “Government Transparency” link at www.geneva.il.us.