Hot Springs -- For the 19th 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 comprehensive annual financial report (CAFR). The city's Finance Department was designated as being primarily responsible for preparing the award-winning CAFR.
"The Certificate of Achievement reflects the commitment to financial accountability of the Hot Springs Board of Directors, city manager, and other city departments," said Finance Director Dorethea Yates. "The actual document that was submitted for the award takes several weeks to produce. Special recognition goes to Joy Black, Accounting and Purchasing Manager, and her staff for compiling the majority of the report. However, without the dedication of all employees who initiate and process financial transactions, obtaining this award would not be 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 completion of the CAFR every year is also essential to obtaining favorable financing rates.
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 serving approximately 17,500 government finance professionals with offices in Chicago, IL and Washington, D.C.