The Certificate of Achievement for Excellence in Financial Reporting is the highest form of recognition in this area.
FOR IMMEDIATE RELEASE
October 12, 2018
Contact: Olivia LaVecchia
(802) 734-0617
Burlington, VT – Mayor Miro Weinberger today announced that the City of Burlington has been awarded the Certificate of Achievement for Excellence in Financial Reporting. The certificate is the highest form of recognition in the area of governmental accounting and financial reporting.
This is the second consecutive year that Burlington has been awarded the Certificate of Achievement. Burlington was awarded the certificate for the first time in its history in 2017. The only other Vermont recipients of the award have been St. Albans and the State of Vermont.
“This award affirms the hard work that the City has done to be a responsible financial steward for Burlington’s taxpayers and ratepayers,” said Mayor Miro Weinberger. “I congratulate the entire Clerk-Treasurer’s Office team on this achievement, and thank them and staff throughout the City for their commitment to reliability, accuracy, and transparency.”
The Certificate of Achievement is for Burlington’s comprehensive annual financial report (CAFR), and is awarded by the Government Finance Officers Association of the United States and Canada (GFOA). In its materials informing the City of the award the GFOA noted, “We hope that your example will encourage other government officials in their efforts to achieve and maintain an appropriate standard of excellence in financial reporting."
Along with the certificate, Burlington’s Clerk / Treasurer’s Office was recognized with an Award of Financial Reporting Achievement (AFRA).
“We would like to thank the GFOA for honoring us with this prestigious award. The Clerk/Treasurer’s office is excited to have our commitment to transparent and accurate financial reporting recognized,” said Comptroller Ann Barton. “This award would not be possible without the Administration’s focus on financial management, and the hard work of the Finance Team, as well as the efforts and support of all City Departments.”
In making the certificate award, an impartial panel judged Burlington’s CAFR to meet the high standards of the certificate, including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and encourage readership.
Receiving the award demonstrates strong financial management reporting. A commitment to meeting the standards set by the GFOA award is also a signal for City underwriters and the buyers of Burlington bonds about the strength of investments in the City, and helps to continue a strong market for City bonds.
About the GFOA and the Certificate of Achievement for Excellence in Financial Reporting
The Government Finance Officers Association, which awards the Certificate of Achievement for Excellence in Financial Reporting, is a professional association serving nearly 19,000 appointed and elected local, state, and provincial-level government officials and other finance practitioners. The mission of GFOA is to promote excellence in state and local government reporting.
The GFOA established the Certificate of Achievement of Excellence in Financial Reporting Program in 1945 to encourage state and local governments to go beyond the minimum requirements of generally accepted accounting principles, and recognize individual governments that succeed in achieving that goal. Each year, the GFOA convenes an impartial panel to award the Certificate of Achievement to government organizations that produce annual financial reports that evidence the spirit of transparency and full disclosure.
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