SIDNEY — The Sidney Finance Department 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 its comprehensive annual financial report (CAFR).
This is the 20th consecutive year Sidney’s Finance Department has earned the award.
“The city of Sidney has been very fortunate to have had strong financial management for a very long time. I know I speak for all of council when I commend the efforts of City Manager Mark Cundiff and Finance Officer Ginger Adams for their leadership in this area. We owe a special thanks to Assistant Finance Officer Renee DuLaney, who annually prepares the CAFR,” Sidney Mayor Mike Barhorst said in a press release.
The Certificate of Achievement is the highest form of recognition by the GFOA in the area of governmental accounting and financial reporting. Its attainment represents a significant accomplishment by a government and its management. The award is presented for preparation of the comprehensive annual financial report.
“The city of Sidney’s CAFR has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and to motivate potential users and user groups to read the CAFR,” said Michele Levine, director of technical services for GFOA.
According to the city of Sidney press release, CAFR is a set of U.S. government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB). GASB provides standards for the content of a CAFR in its annually updated publication Codification of Governmental Accounting and Financial Reporting Standards.
A CAFR is compiled by a state, municipal or other governmental accounting staff and audited by an external American institute of certified public accountants certified accounting firm utilizing GASB requirements. It is composed of three sections: introductory, financial and statistical. It combines the financial information of fund accounting and enterprise authorities accounting.
“A copy of the CAFR is online,” Barhorst said, “and taxpayers are welcome to review it. Taxpayers can rest assured that their tax dollars have been and are currently being spent both efficiently and wisely.”
The GFOA is a major professional association servicing the needs of nearly 19,000 appointed and elected local, state and provincial-level government officials and other finance practitioners. It provides top quality publications, training programs, services and products designed to enhance the skills and performance of those responsible for government finance policy and management. The association is headquartered in Chicago with offices in Washington, D.C.