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Presentation of the Distinguished Budget Presentation Award and Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada.
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BACKGROUND:
The Government Finance Officers Association, or GFOA, of the United States and Canada has presented an award of Distinguished Budget Presentation to the City of Farmers Branch for its 2022-23 budget and an award of Certificate of Achievement for Excellence in Financial Reporting for the City’s 2022 Annual Comprehensive Financial Report.
The GFOA programs were instituted to encourage all government units to prepare and publish easily readable and understandable financial documents covering all government funds and financial transactions during the year. The GFOA believes that governments have a special responsibility to provide the public with a fair presentation of their financial affairs. These financial reports go beyond the requirements of generally accepted accounting principles (GAAP) to provide the many users of governmental financial statements with a wide variety of information useful in evaluating a government's financial condition. Bond rating agencies favorably consider these awards during the credit evaluation process.
This is the 26th consecutive year that the City has received the Distinguished Budget Presentation Award and the 34th consecutive year that it has received the Certificate of Achievement for Excellence in Financial Reporting. These awards represent a significant achievement by the Farmers Branch and reflect the commitment of the City Council and City Administration to meet the highest principles of governmental budgeting, accounting, and financial reporting.