NEWTON, N.C. (April 8, 2016) – For the 31st consecutive year, the city of Newton has been awarded the prestigious Certificate for Excellence in Financial Reporting.
The Newton Finance Department was presented with the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for the city’s comprehensive annual financial report (CAFR) for fiscal year 2015. The certificate is the highest form of recognition in the areas of governmental accounting and financial reporting. Attainment of the certificate represents a significant accomplishment by a government and its management, according to GFOA.
“Newton is fortunate to have finance staff that is dedicated to the highest standards of accounting and financial reporting,” Newton Mayor Anne P. Stedman said. “To be recognized for our financial management for more than 30 consecutive years is a remarkable achievement and shows that the Newton Finance Department maintains a longstanding culture of accountability to the citizens and businesses we serve.”
“This honorable recognition from the GFOA reflects our commitment to fiscal integrity and demonstrates transparency of financial information that is above and beyond what is required by Generally Accepted Accounting Principles. This accountability improves the city’s position when working with bond rating agencies and financial institutions,” said Serina Hinson, Newton Finance Department director
The GFOA established the certificate program in 1945 to encourage and assist governments to go beyond the minimum requirements of generally accepted accounting principles. Newton’s comprehensive annual financial reports are evidence of the city’s spirit of transparency and dedication to full disclosure.
An impartial panel awards the certificate after determining that a government meets GFOA’s high standards and demonstrates a constructive spirit of full disclosure to clearly communicate its financial story and motivate people to read its annual financial report.
The GFOA is a nonprofit professional association that serves about 17,500 government finance professionals throughout North America.