Pensacola Times

City of Pensacola issued the following announcement on November 12.

CITY OF PENSACOLA RECEIVES DISTINGUISHED BUDGET PRESENTATION AWARD FOR 31ST CONSECUTIVE YEAR

City's Comprehensive Financial Annual Report Also Receives Award of Excellence

The Government Finance Officers Association has awarded the Distinguished Budget Presentation Award to the City of Pensacola Financial Services Department for its Fiscal Year 2021 Budget, marking the city's 31st consecutive year receiving the award. GFOA also 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 40th year the city has received the award.

The Distinguished Budget Presentation award represents a significant achievement by the City of Pensacola. It reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting. In order to receive the budget award, the city had to satisfy nationally recognized guidelines for effective budget presentation. These guidelines are designed to assess how well an entity’s budget serves as:

• A policy document
• A financial plan
• An operations guide
• A communications device

Budget documents must be rated “proficient” in all four categories, and the 14 mandatory criteria within these categories to receive the award.

 

"It is exciting to see our Financial Services staff for being recognized with these awards for the 31st and 40th consecutive year," Mayor Grover Robinson said. "The City of Pensacola works diligently to maintain a balanced, fiscally responsible budget to meet the needs of our citizens, and this is a testament to the continuous hard work and dedication of our Financial Services Team."

 

There are over 1,600 participants in the Budget Awards Program. The most recent Budget Award recipients, along with their corresponding budget documents, are posted quarterly on GFOA's website. Award recipients have pioneered efforts to improve the quality of budgeting and provide an excellent example for other governments throughout North America.

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.

To view the City of Pensacola's annual budget documents, click here.

Original source can be found here.