VIRGINIA BEACH, Va. —The City of Virginia Beach has received the Certificate of Achievement award from the Government Finance Officers Association of the United States and Canada, or GFOA. This is the 43rd time that the city is being rewarded for Excellence in Financial Reporting.
“To have been honored again with this prestigious award demonstrates the transparency of the City’s financial position and proof that the City of Virginia Beach values excellence in financial reporting,” said Letitia Shelton, director of Finance.
According to a press release from VB Communications, this is the highest form of recognition in the area of governmental accounting and financial reporting. It has been given out as a sign of a well-managed government since its establishment in 1945 by the GFOA.
“Members of the City’s Finance Department work diligently to produce a ‘yearbook’ that paints an intricate portrait of the financial health of the City for citizens, bond investors and the general public,” said Shelton.
This award was created to encourage local and state governments to innovate new concepts of annual financial reports, specifically the ACFR, and recognize individuals who achieve that goal.
A neutral panel judged the report to ensure the program met certain standards such as a “spirit of full disclosure,” demonstrating clear communication of its financial story and motivating users and user groups to read the report.
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