Wilmington Mayor Mike Purzycki and Finance Director J. Brett Taylor proudly announce the Government Finance Officers Association’s (GFOA) recognition of the City with the Award of Financial Reporting Achievement for the Fiscal Year 2022 Financial Statements.
The GFOA bestows this distinguished award upon entities or individuals who play a pivotal role in a government’s attainment of the Certificate of Achievement for Excellence in Financial Reporting. This certificate is reserved for governments whose annual financial reports not only meet program standards but also exemplify the pinnacle of excellence in government financial reporting. Each year, over 4,300 governments receive such certificates from the GFOA.
This specific accolade pertains to the Annual Comprehensive Financial Report for the Fiscal Year ending June 30, 2021, marking the 33rd consecutive year that the City has received the highest recognition for financial reporting. To qualify for this award, the City’s report had to meet specific eligibility requirements, detailed online [provide link]. Reports submitted to the Certificate of Achievement for Excellence in Financial Reporting Program (COA) undergo meticulous review by GFOA professional staff and the Special Review Committee (SRC), comprised of experts in public sector financial reporting.
Finance Director Taylor emphasized, “The Department of Finance crafts its Annual Comprehensive Financial Report to provide transparency on the City’s financial condition and internal controls for citizens, employees, and bond investors. We are delighted that our financial statements consistently adhere to the high standards required for a GFOA Certificate.”
Mayor Purzycki congratulated Finance Director Brett Taylor and his team, highlighting the achievement as a testament to the City’s unwavering commitment to upholding the highest principles of governmental financial reporting. He noted, “Our Finance Department consistently exceeds expectations, aligning with our administration’s emphasis on increased transparency and efficiency in City government.”
The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program (COA) in 1945 to encourage state and local governments to surpass the minimum requirements of generally accepted accounting principles. This program aims to motivate the preparation of annual comprehensive financial reports that embody the spirit of transparency and full disclosure, recognizing governments that successfully achieve this goal. The program’s objective is not to assess financial health but to ensure that users of financial statements have the information needed for their own assessments.
GFOA, a leading professional association serving over 19,000 appointed and elected local, state, and provincial-level government officials, provides high-quality publications, training programs, and services designed to enhance the skills and performance of those responsible for government finance policy and management.