SALEM — The City of Salem has been awarded a certificate of achievement for its 2020 annual comprehensive financial report by the Government Finance Officers Association of the United States and Canada (GFOA).
This is the 16th consecutive certificate of achievement that the city has received for this report.
The certificate of achievement is the highest form of recognition in the area of government accounting and financial reporting, signifying an accomplishment by a government and its management.
Mayor Kimberley Driscoll said this award is a reflection of the value the city has placed on transparency, professionalism, and financial responsibility in government operations.
“It is also a credit to the hard work of our finance department and the department’s team,” Driscoll said.
GFOA said that Salem’s report “has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the CAFR (comprehensive annual financial report).”
The goal of GFOA’s program is to ensure that users of financial statements have the information they need to assess the financial health of participating governments.
The certificate of achievement recognizes individual governments that succeed in achieving that goal.
Reports submitted to the CAFR program are reviewed by selected members of the GFOA professional staff and the GFOA Special Review Committee, which is made up of individuals with expertise in public-sector financial reporting.
This includes financial statement preparers, independent auditors, academics, and other finance professionals.
The certificate of achievement for this financial program was established by GFOA in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally-accepted accounting principles when preparing comprehensive annual financial reports.
