For the 25th consecutive year, the City of Hot Springs 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 2017 comprehensive annual financial report (CAFR). The city's Finance Department also received an Award of Financial Reporting Achievement for preparing the award-winning CAFR.
"The receipt of this award is the result of teamwork and dedication by the Finance Department staff,” said Finance Director Dorethea Yates. “Financial transactions continue to become more complex, and accurate accounting and reporting practices require staff to continue their professional development. The City of Hot Springs is fortunate to have outstanding team members in its Finance Department that consistently deliver exceptional financial services. The Board of Directors, city management staff, and all other city employees also play a valuable role in making this award possible."
The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting. Its attainment represents a significant accomplishment by a government and its management.
The CAFR was 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 CAFR.
The GFOA is a nonprofit professional association headquartered in Chicago, Illinois, serving approximately 19,000 government officials and other finance practitioners. Its purpose is to enhance the skills and performance of those responsible for government finance policy and management.