City of Wilmington Receives its 29th Consecutive National Award for Excellence in Financial Reporting
Wilmington Mayor Mike Purzycki and the City Finance Director Patrick Carter said today that the Government Finance Officers Association of the United States and Canada (GFOA) has awarded Wilmington a Certification of Achievement for Excellence in Financial Reporting. This is the 29th consecutive year the City has received this recognition.
The City’s award focused on the 2017 edition of the Comprehensive Annual Financial Report (CAFR), a report that the City touts as providing clear, straightforward financial information to citizens, elected officials, and other interested parties that monitor Wilmington’s financial condition. The GFOA is recognized as one of the best sources of financial reporting guidance for state and local governments in North America. It has a membership of nearly 19,000 government finance professionals throughout the U.S. and Canada.
“I again commend and congratulate our Finance Department for continuing to follow a consistent pattern of presenting the City’s financial information in an easy-to-understand and professional format,” said Mayor Purzycki. “Earning this award routinely for nearly thirty years is an outstanding and noteworthy accomplishment, and simply affirms that the City is following the financial industry’s highest practices and benchmarks. More importantly, by making government finances digestible for all citizens, we are encouraging more citizen participation in their government.”
According to the GFOA, Wilmington’s 2017 Comprehensive Annual Financial Report was judged by an impartial panel to meet the high standards of the program, which includes a constructive “spirit of full disclosure” to clearly communicate the City’s financial story and motivate potential users to read the CAFR.
The GFOA’s Certificate of Achievement is the highest form of recognition given for governmental accounting and financial reporting. Of the approximately 35,000 eligible public entities throughout North America in FY2016, fewer than 6% earned the award. To be awarded a Certificate of Achievement from the GFOA, a government must publish an easily readable, efficiently organized, and comprehensive annual financial report that satisfies both generally accepted accounting principles and applicable legal requirements.
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