VIRGINIA BEACH, Va. (July 28, 2020) — For the 41st consecutive year, the City of Virginia Beach has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its Comprehensive Annual Financial Report (CAFR).
The award was recently presented to Finance Director Alice M. Kelly by the professional association, which serves approximately 21,000 government financial professionals. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
“We are very proud to have been honored again this year with this prestigious award, which demonstrates the transparency of the city’s financial position” Kelly said. “The award is proof that the City of Virginia Beach values excellence in financial reporting and providing users sound financial information.”
The CAFR is required by the Code of the Commonwealth of Virginia and by the City Charter to publish at the close of each fiscal year a complete set of financial statements presented in conformity with generally accepted accounting principles and audited by a firm of independent certified public accountants.
The 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 evidence the spirit of transparency and full disclosure, and then to recognize individual governments that succeed in achieving that goal.
In order to obtain the award, an 80-page technical questionnaire is completed by staff, and then the CAFR and the questionnaire are submitted to GFOA for review by three independent judges to ensure that the stringent requirements are met.
“This report provides more than detailed information about the City’s outstanding financial position,” Kelly said. “Members of City’s Finance Department work diligently to produce a ‘yearbook’ that paints an intricate portrait of the financial health of the City for citizens, bond investors and the general public. The CAFR complements the Annual Resources Management Plan. The City also prepares a Popular Annual Financial Report (PAFR) that is designed to provide more easily understandable information for users without a background in public finance.”
Citizens may view the CAFR online here or at any Virginia Beach Public Library location. For more information, call 757-385-4227.