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The original item was published from 1/5/2016 10:53:11 AM to 1/24/2016 12:00:00 AM.

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City of Hot Springs News Releases

Posted on: January 5, 2016

[ARCHIVED] City receives award for financial reporting excellence

For the 22nd 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 2014 comprehensive annual financial report (CAFR). The city's Finance Department also received an Award of Financial Reporting Achievement for preparing the award-winning CAFR.

"Although the CAFR is prepared by Finance personnel, excellence in financial reporting begins with each transaction," said Finance Director Dorethea Yates. “The CAFR represents the commitment of all employees of the City of Hot Springs, with the support of the Board of Directors. This culminates with the Finance Department, and I am fortunate to have an excellent team of individuals that take great pride in their work.”

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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