Geneva Wins Financial Reporting Triple Crown

Press release from the City of Geneva:

GENEVA, IL — Geneva’s financial reporting and transparency efforts have culminated with another trifecta of national awards.

The Government Finance Officers Association of the United States and Canada honored the City’s accomplishments, which represent the highest form of achievement in the field of governmental accounting and financial reporting. The association is a non-profit organization serving more than 20,000 government finance professionals.

The City has received the following accolades based on the 2020-21 fiscal year, the most recent year it was evaluated by the association.

Distinguished Budget Award

The City's budget practices have earned national acclaim for nine consecutive years. In order to receive the award, Geneva had to satisfy best practice standards, including how well an entity's budget serves as a policy document, a financial plan, an operations guide, and a communications device. Budget documents must be rated “proficient” in all four categories, as well as the 14 mandatory criteria within those categories, to receive the award.

Annual Comprehensive Financial Report

For the eighth straight year, the City was recognized for going above and beyond with its Annual Comprehensive Financial Report. The City’s audit report contains financial statements and records from the past decade, property tax and debt data, and general statistical information about Geneva. The award demonstrates the City’s “spirit of full disclosure” to clearly communicate its financial picture to the public.

Popular Annual Financial Report

For those not inclined to read the 200-page audit report, the City’s Popular Annual Financial Report (PAFR) provides a nice alternative. This 17-page, visually-friendly audit summary filled with photos and graphs offers readers a better understanding of the complexities of government finances and other helpful information. The association bestowed the PAFR award to Geneva for the fifth consecutive year.

Geneva’s budget and financial reports can be found on the City’s website.

This press release was produced by the City of Geneva. The views expressed here are the author’s own.