LANCASTER – At a time when California cities and municipalities across the nation are struggling to keep operations and public services afloat, the City of Lancaster has managed to create a comprehensive annual financial report, which garners the highest accolades from the Government Finance Officers Association of the United States and Canada (GFOA).
The GFOA recently announced that the 2012 Certificate of Achievement for Excellence in Financial Reporting has been awarded to the City of Lancaster for its comprehensive annual financial report for the fiscal year ending June 30, 2011.
“While cities are not required to submit for the GFOA’s financial reporting award, those with good financial processes usually do,” said City of Lancaster Director of Finance Barbara Boswell. “Bond rating agencies take these recognitions seriously as they gauge whether or not cities are being managed well financially.”
In order to be eligible for this award from the GFOA, a city must have what is called a “clean audit.” A clean audit reflects strong internal controls, and is identified in the auditing results of an organization as an “unqualified audit report.” An unqualified audit report is required for award consideration.
“Time and time again, our City excels at its financial management,” said Lancaster Mayor R. Rex Parris. “Lancaster is able to maintain its quality of operations and services to the public because of wonderful leaders like Barbara Boswell who ensure we are running our processes efficiently and effectively. In spite of the state budget-raiding we have experienced over the last few years, the City continues to focus on what’s important. Excellent budget administration is a top priority for Lancaster. And I’m proud to have such a fine team of individuals keeping us on track and above water every year.”
The City of Lancaster’s Finance Department steers the financial reporting process by implementing day-to-day protocols which ensure all finance-related transactions and tracking stays on point. Pamela Statsmann, Assistant Finance Director, serves as the department’s primary lead in the day-to-day operations all year long and is noted as a key player in establishing and executing processes and procedures which qualify the City annually for this prestigious financial reporting award.
The Government Finance Officers Association seeks to demonstrate through this award an exemplary level of financial management practices for all government officials to aspire to, noting in their award letter their desire to encourage others to attain and maintain an appropriate standard of excellence in financial reporting.
(Information via press release from the City of Lancaster.)