The City of Placentia is excited to announce that it has received the Certificate of  Achievement for Excellence in Financial Reporting from the Government Finance Officers Association  (GFOA) for the City’s Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June  30, 2020.  

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. This marks the fourth year in a row that the City of Placentia has received this prestigious  award. 

“Our fourth consecutive award is truly a testament to the hard work of our City staff, who go above and  beyond the regular reporting requirements to receive this recognition,” said Placentia Mayor Rhonda  Shader. “As a City, fiscal accountability, transparency, and stability are essential. This award  recognizes our commitment to responsibly managing public funds and builds upon our collective goals  of transparency and accountability.” 

“As stewards of public funds, the City of Placentia prides itself in being fiscally prudent when it comes  to managing and expending our community taxpayer dollars,” said City Administrator Damien R. Arrula.  “Our staff puts in a lot of time and effort into building the CAFR each year, and it is an honor to be  recognized by GFOA, for now, the fourth year in a row for the City’s collective efforts.” 

GFOA established the Certificate of Achievement for Excellence in Financial Reporting 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  demonstrate the “spirit of full disclosure” and then to recognize individual governments that succeed in  achieving that goal. The program’s goal is not to assess participating governments’ financial health but  rather to ensure that users of their financial statements have the information they need to do so  themselves. 

Reports submitted to the CAFR program are reviewed by GFOA professional staff members and the  GFOA Special Review Committee (SRC), which comprises individuals with expertise in public sector  financial reporting and includes financial statement preparers, independent auditors, academics, and  other finance professionals.