City Receives Award For Excellence in Financial Reporting

(Editor's note: This is from the City of University Place)

The Certificate of Achievement for Excellence in Financial Reporting has been awarded to the City of University Place by the Government Finance Officers Association of the United States and Canada (GFOA) for its 2010 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 the City, its Council, and its management. This is the thirteenth consecutive year the City has received this award.

An Award of Financial Reporting Achievement has also been awarded to the City of University Place Finance Department for being the department primarily responsible for preparing the award-winning CAFR. 

The CAFR has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.

To be eligible for a Certificate of Achievement, a CAFR must go beyond the requirements of generally accepted accounting principles (GAAP) to provide the many users of City financial statements with a wide variety of information useful in evaluating the financial condition of the City. These reports are also required to have been audited in accordance with generally accepted accounting standards. 

The GFOA is a non-profit professional association serving 17,500 government finance professionals with offices in Chicago, IL, and Washington, D.C.