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).
The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
“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.
“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,” Mayor Mike Barhorst said.
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.
Barhorst said, “Indeed, as I work with other municipal officials from around the state as an officer of both the Ohio Mayors Association and the Ohio Municipal League, it becomes ever more apparent that the financial practices employed in Sidney are more the exception than the rule. In fact, only 13 percent of Ohio’s 938 cities and villages qualified for this award this year.”
“A copy of the CAFR is online 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,” Barhorst added.
The GFOA is a major professional association serving approximately 19,000 government finance professionals with offices in Chicago and Washington, D.C.