GLOUCESTER — Mayor Sefatia Romeo Theken is pleased to announce that the City of Gloucester has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA) for its fiscal year 2019 Comprehensive Annual Financial Report (CAFR).
The City was notified of the award on Monday, Oct. 26. The certificate is the highest form of recognition in governmental accounting and financial reporting, and is a significant achievement for the City of Gloucester. The City of Gloucester has received the CAFR award for three consecutive years.
“This honor is a testament to the hard work our financial team puts into our documentation of the City’s finances and budget, and we are deeply appreciative to be recognized in this way by the GFOA,” Mayor Romeo Theken said. “Well done to all who helped our City achieve this award.”
Key members of the City’s financial team include Chief Financial Officer & Treasurer/Collector John Dunn and City Auditor Kenny Costa.
“We’re thrilled to have earned this award for the third consecutive year and are striving to continue meeting this standard annually, ensuring transparency and accountability through our financial reporting,” Costa said.
To receive the Certificate of Achievement for Excellence in Financial Reporting, the City of Gloucester had to satisfy nationally recognized standards for financial reporting. These standards included demonstrating a spirit of financial full disclosure and to motivate potential users to read the Comprehensive Annual Financial Report (CAFR).
The City of Gloucester’s application was reviewed by an impartial panel of individuals from the government, public accounting profession, and members with specialized expertise in government financial reporting.
The GFOA established the Certificate of Achievement for Excellence in Financial Reporting program in 1945 as a way to encourage and assist state and local governments to prepare comprehensive financial reports that are transparent and offer full disclosure while recognizing individual governments that achieve this goal.
The Government of Finance Officers Association (GFOA) was founded in 1906 to represent public finance officials throughout the United States and Canada. The GFOA serves the needs of more than 20,000 federal, state/provincial, and local financial government officials. The GFOA 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.