Neighbor News
Northbrook Park District again receives financial reporting award
District has received the award from the Government Finance Officers Association of the United States and Canada every year since 1993
The Northbrook Park District was once again awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA).
The GFOA presented the award last month in recognition of the park district’s annual comprehensive financial report for the fiscal year that ended Dec. 31, 2023.
“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 GFOA said in a statement.
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The standards for the award include “demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the report,” the association stated.
The park district has received the award every year since 1993, a testament to its commitment to adhering to the GFOA’s best practices and transparency standards in financial reporting, said Northbrook Park District Director of Finance and Technology Mike Tokar.
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“We are so pleased to continue to receive this award,” Tokar said. “We continuously review GFOA standards and best practices, and institute those in our procedures for the finance team and for the whole district.”
The park district’s annual comprehensive financial report undergoes a detailed audit by the Chicago-based accounting firm Lauterbach & Amen. “Our audit also ensures the efficacy of our layers of internal controls and overall financial management,” Tokar said.
The park district had another successful and favorable-to-budget year in 2024, and its financial outlook for 2025 continues to be stable, Tokar said.
“In 2024 we continued to implement strong budget management and oversight of operational performance, and we are pleased with the team’s hard work and commitment to our financial stewardship,” he said. “We are optimistic that we will again deliver strong financial results and budget oversight in 2025.”
Established in 1927, the mission of the Northbrook Park District is to enhance the community by providing outstanding services, parks and facilities through environmental, social and financial stewardship.
