The professional association that represents more than 21,000 government finance officers across North America has given Scotts Valley its highest accolade.
On Sept. 21, the Government Finance Officers Association of the United States and Canada (GFOA) announced it had awarded the Certificate of Achievement for Excellence in Financial Reporting to the City.
“This year, Scotts Valley was singled out for going beyond the minimum requirements of generally-accepted accounting principles, in preparing its comprehensive annual financial report that evidences the spirit of transparency and full disclosure,” said Interim City Manager Brian Haddix. “This is a big deal when our outside peers evaluate our financial practices and determine that we merit GFOA’s Certificate of Achievement in Financial Reporting.”
The honor was bestowed due to Scotts Valley’s “comprehensive annual financial report” for the 2019-20 fiscal year—the year that led into the pandemic.
The period considered by evaluators ended June 30, 2020.
“The report has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive ‘spirit of full disclosure,’” according to a press release.
GFOA works to promote “excellence in government finance by providing best practices, professional development, resources, and practical research” for its members and the communities they serve, a spokesperson for the organization wrote.
“The GFOA is made up of people involved in government financial management whose members reach across the U.S. and Canada,” Haddix explained. “Among its many activities, it recognizes outstanding financial practices of local, state and provincial governments.”
Scotts Valley achieved the designation, in part, due to staff’s ability “to clearly communicate its financial story and motivate potential users and user groups to read the report,” GFOA said.
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,” a spokesperson for the organization said in the release.