The City of Placentia’s Finance Department has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) of the United States and Canada for the City’s Comprehensive Annual Financial Report (CAFR) for Fiscal Year 2017-18. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting. The City has received this distinction two years in a row, representing a significant accomplishment by a government and its Finance Department.
“The City has worked exceptionally hard over the past few years to not only improve its finances but be recognized for outstanding reporting and accounting. We are proud to receive this acknowledgment for a second year in a row and will continue to maintain the highest reporting and financial standards for the residents of Placentia,” said Mayor Ward Smith.
“This award is a reflection of the diligence and high-quality reporting put forth by our Finance Department and our Finance Director Kim Krause to present budget documents that are transparent and accurate for our Placentia residents,” said City Administrator Damien R. Arrula.
The CAFR has been judged by an impartial panel to meet the high standards of the 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.
GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program (CAFR Program) in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the “spirit of full disclosure” and then to recognize individual governments that succeed in achieving that goal. The purpose of the program is not to assess the financial health of participating governments, but rather to ensure that users of their financial statements have the information they need to do so themselves.