City wins excellence in financial reporting award
The city of Cranston has been recognized for excellence in financial reporting by the Government Finance Officers Association (GFOA).
Cranston Mayor Allan Fung announced that the city has received the Certificate of Achievement of Excellence in Financial Reporting (CAFR) from the GFOA, the highest form of recognition in the area of governmental accounting and financial reporting.
The award is given to municipalities and government departments on an annual basis for preparing detailed and transparent financial reports. The achievement is a “significant accomplishment by a government and its management,” according to the GFOA.
In Cranston’s case, the GFOA’s award is based on the city’s Comprehensive Annual Financial Report and annual audit and budget reports. According to the GFOA, the city meets the high standards of the CAFR program, which includes demonstrating a constructive “spirit of full disclosure” to clearly communicate the city’s financial story.
“I’d like to take this opportunity to thank the members of the Finance Department in the Division of Accounting Control, Treasury and Tax Collection, Contract and Purchase, Assessment and Management Information Systems for their diligence and cooperation on a daily basis in carrying out the duties and responsibilities of this department,” said Finance Director Robert Strom. “The success that the Finance Department has enjoyed is due to their efforts.”
“In Cranston, we balance the books, but we also make sure we accurately report the books thoroughly and transparently,” added Fung. “I’m proud of the work from our city departments not only to keep our finances strong on a daily basis, but also ensure the public is fully informed and all state and federal budgeting regulations are followed.”