The Government Finance Officers Association of the United States and Canada (GFOA) has again recognized the City of Genoa’s most recent audit report, the Fiscal Year 2017-2018 Comprehensive Annual Financial Report (CAFR), with the prestigious “Certificate of Achievement for Excellence in Financial Reporting” Award.
GFOA has stated that “the Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management”. The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL, and Washington, D.C. Genoa’s CAFR has been 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.
This was the thirteenth straight year that Genoa has received this award. This is not only a very significant recognition, but it is even more so by Genoa being one of the smallest Cities or Villages in Illinois to be so recognized. To accomplish this Award takes considerable effort, and it is very beneficial for future financing efforts in terms of more attractive interest rates and savings by the confidence in financial accuracy and reporting the Award conveys.