Phoenix recognized for financial transparency - Ahwatukee Foothills News: Business

Phoenix recognized for financial transparency

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Posted: Saturday, September 25, 2010 5:30 pm | Updated: 8:16 am, Thu Dec 2, 2010.

The city of Phoenix recently received the distinguished Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its 2009 comprehensive annual financial report (CAFR).

The city of Phoenix has earned the award continuously since 1976.

"This is the highest form of recognition for government accounting and financial reporting," said Jeff DeWitt, director, Finance Department. "The award demonstrates the city's commitment to financial transparency and goes beyond the minimum requirements of financial reporting."

Phoenix remains one of only a handful of cities in the country that has an AAA credit rating with Standard and Poor's and an Aa1 credit rating with Moody's. "These longstanding, outstanding credit ratings result from the strong financial management practices by the City Council and staff and help the city secure lower interest rates for its borrowing," said DeWitt.

The CAFR was judged by an impartial panel made up of financial statement preparers, independent auditors, academics and other finance professionals with expertise in public-sector financial reporting. To earn the award, Phoenix met or exceeded the requirements to demonstrate a spirit of full disclosure to clearly communicate the city's financial story.

The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago and Washington, D.C. More than 3,500 state and local governments of all sizes participate in the program each year.

To view the entire CAFR, visit phoenix.gov/citygovernment/financial/reports/cafr/index.html.

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