For the 21st 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 2013 comprehensive annual financial report (CAFR). The city's Finance Department also received an Award of Financial Reporting Achievement for preparing the award-winning CAFR.
"The Certificate of Achievement reflects the commitment to financial accountability of the Hot Springs Board of Directors, city manager, and other city departments," said Finance Director Dorethea Yates. "The actual document that was submitted for the award takes several weeks to produce. Special recognition goes to the Finance staff that compiled the majority of the report. However, without the dedication of all employees who initiate and process financial transactions, obtaining this award would not be possible. "
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.