The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the City of Champaign a Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report (CAFR) for the City’s fiscal year ended June 30, 2012. The Certificate is the highest form of recognition for excellence in governmental accounting and financial reporting. A governmental entity’s receipt of the award represents a significant accomplishment by the entity and its management. This is the 23rd consecutive year that the City’s CAFR has received the Certificate of Achievement.
The Certificate program is voluntary. A governmental entity may submit its CAFR to the GFOA, where an impartial panel of experts in governmental accounting judges whether it meets the program standards. The standards go beyond the requirements of “generally accepted accounting principles.” They include demonstrating a “constructive spirit of full disclosure” to clearly communicate the entity’s financial story, and motivate potential users and user groups to read the CAFR.