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Post Date:08/22/2016

excellence in financial reporting award

Once again, the City of Suwanee has been awarded for excellence in financial reporting by the Government Finance Officers Association of the United States and Canada (GFOA).

The city's comprehensive annual financial report (CAFR) recently won the Certificate of Achievement for Excellence in Financial Reporting, which Suwanee has now won for 13 consecutive years. The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment.

"The City of Suwanee's CAFR is "the tale of Suwanee," told through numbers," said city Financial Services Director Amie Sakmar. "It also includes some interesting statistics, graphs, and pictures. Preparing a CAFR is considered best practices in governmental finance."

The submitted financial documents are 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 documents.

The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago and Washington, DC. 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 transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.  

Reports submitted to the CAFR program are reviewed by selected members of the GFOA professional staff 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.

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