March 11, 2022
City's Comprehensive Financial Annual Report Receives Award of Excellence for 41st Consecutive Year
The Government Finance Officers Association has awarded the City of Pensacola the Certificate of Achievement for Excellence in Financial Reporting for the city's Fiscal Year 2020 Comprehensive Annual Financial Report, marking the 41st year the city has received the award.
The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
In order to receive the award, the city had to satisfy compliance with both generally accepted accounting principles and program policy as established by the GFOA's Special Review Executive Committee and the GFOA Executive Board.
Reviews are performed by GFOA staff and members of the GFOA's Special Review Committee, which comprises individuals from government, the public accounting profession, and academe who possess specialized expertise in governmental financial reporting. A Certificate is awarded only if there is consensus among reviewers that a comprehensive annual financial report substantially complies with both GAAP and program policy.
There are over 4,300 participants in the Certificate of Achievement for Excellence in Financial Reporting program. The most recent Certificate Award recipients, along with their corresponding financial reports, are posted on GFOA's website. Award recipients demonstrate a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the report.
To learn more about GFOA, visit gfoa.org