The City of Prescott Budget & Finance Department has been awarded the Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report (CAFR).
The award is the highest form of recognition in governmental accounting and financial reporting. The certificate was presented to the Budget & Finance Department by the Government Finance Officers Association of the United States and Canada.
"This award represents continued recognition of the effort we make to clearly communicate our financial picture on behalf of our taxpaying citizens," said Finance Director Mark Woodfill. The award was established in 1945 to encourage and assist state and local governments to exceed the minimum requirements of generally accepted accounting principles.
The CAFR was judged as meeting 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 groups to read the report. This award marks 34 consecutive years that the City has received recognition for financial reporting.