The Certificate of Achievement for Excellence in Financial Reporting has been awarded to the City of Arvada by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report (CAFR.) The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting.
“Arvada has a Finance team that stays very current on all rules and regulations of the Governmental Accounting Standards Board (GASB),” states Victoria Runkle, Director of Finance at the City of Arvada. “These dedicated professions ensure that the City's financials are reported accurately, with transparency and in a format where our financial status can be compared to other cities that conform to GASB.”
Financial reporting helps citizens know that City taxes are being used legally and reported in a way that conforms to national standards. If a City is not completing their financial reporting within the time constraints or selecting not to follow national standards, this usually indicates that a municipality has major challenges with their finances.
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.
The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL and Washington, D.C.