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The original item was published from 2/7/2017 3:34:58 PM to 3/8/2017 12:00:01 AM.

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Posted on: February 7, 2017

[ARCHIVED] City receives award for financial reporting excellence

For the 23rd consecutive year, the City of Hot Springs has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its 2015 Comprehensive Annual Financial Report (CAFR). The city's Finance Department also received an Award of Financial Reporting Achievement for preparing the award-winning CAFR.


"In 2015, the city made several changes to its financial statements due to changes in Generally Accepted Accounting Principles (GAAP)," said Finance Director Dorethea Yates. “This was very challenging, and the receipt of this reward is particularly sweet this year. The commitment of the Board of Directors, management and city staff, especially Finance Department staff, allowed us to successfully make the needed changes and once again, receive this reward of excellence.”


The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting. Its attainment represents a significant accomplishment by a government and its management.

The CAFR was judged by an impartial panel to meet the high standards of the program, including demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.

The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL and Washington, D.C. Its purpose is to enhance and promote the professional management of governments for the public benefit.

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