Title
Special Recognition - Proclamation Recognizing Receipt of the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Recognize the City of Olympia Finance Department for receiving the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting.
Report
Issue:
Whether to recognize the City of Olympia Finance Department for receiving the GFOA Certificate of Achievement for Excellence in Financial Reporting.
Staff Contact:
Nanci Lien, Finance Director, 360.753.8465
Presenter(s):
Councilmember Jim Cooper, Finance Chair
Background and Analysis:
In April 2021, the GFOA announced the City of Olympia has received the Certificate of Achievement for Excellence in Financial Reporting for the fiscal year ended December 31, 2019. The certificate of achievement was first established in 1945 as a way to encourage state and local governments to exceed the minimum requirements of generally accepted accounting principles and demonstrate a commitment to transparency and disclosure in government finances. The goal of the program is to ensure users of the financial statements have the information they need to assess the financial health of the participating government. The award is now the highest form of recognition of governmental accounting and financial reporting.
The Certification of Achievement in Excellence in Financial Reporting recognizes information presented in the City's financial report through the production of the Annual Comprehensive Financial Report (ACFR). The purpose of the ACFR is to be transparent about the use of taxpayers' money and to give the public a detailed accounting of all expenditures. The ACFR accomplishes this by including dozens of basic and more intricate financial reports along with the notes, narrative and supporting data.
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