For the 30th consecutive year, the city of Santa Clarita received an award from the Government Finance Officers Association of the United States and Canada, which is also known as the GFOA.
The city was awarded a Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report for Fiscal Year 2017-18, which is a nearly 200-page document that provides an overview of the city’s financial activities in a fiscal year, according to the report.
“The analysis includes information regarding the city’s overall financial position and results of operations to assist users in evaluating the city’s financial position, a discussion of significant changes that occurred in funds and information regarding significant budget variances,” the report states. “In addition, it describes the activities during the year for capital assets and long-term debt.”
The Comprehensive Annual Financial Report was judged by an impartial panel to ensure it met the high standards of the GFOA program, “which includes demonstrating a constructive spirit of full disclosure to clearly communicate its financial story and motivate potential users and user groups to read the CAFR,” according to a news release.
“The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management,” wrote Michele Mark Levine, director of the Technical Services Center, in a letter congratulating the city.
The Government Finance Officers Association is a professional association servicing the needs of 20,000 federal, local, state, and provincial-level government finance officials and other finance practitioners.