STEAMBOAT SPRINGS, COLORADO-January 4, 2024-The City of Steamboat Springs recently learned it was awarded a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA) for its 2022 Annual Comprehensive Financial Report.
“This award is one that the entire city should take great pride in and one that couldn’t be accomplished without the support of every department,” said Finance Director Kim Weber. “Our goal every year is to provide a comprehensive guide to municipal financials that ensures transparency, accountability and detailed reporting of the city’s finances.”
Of the agencies in Colorado which were reviewed, 32 organizations were selected for this prestigious recognition in annual financial reporting. Out of those recognized in the state, 11 have reached this milestone for 35 or more years, including Steamboat Springs, now in its 35th consecutive year.
According to GFOA, the Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
“So much time and effort go into preparing this 161-page financial audit document by the controller and accounting team,” commented City Manager Gary Suiter. “The community is extremely fortunate to have a financial group as talented and knowledgeable as the one that serves our city.”
The GFOA established the achievement program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.
Reports submitted to the program are reviewed by selected members of the GFOA professional staff and the GFOA Special Review Committee, which comprises individuals with expertise in public sector financial reporting and includes financial statement preparers, independent auditors, academics, and other finance professionals.
Governments that participate in the Certificate of Achievement for Excellence in Financial Reporting Program are asked to submit their report within six months of the end of the fiscal year. The GFOA's review process typically requires an additional 4 to 6 months and are for the annual comprehensive financial reports for the prior fiscal year.
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Contact
Gary Suiter, City Manager, 970.879.2060 or email
Kim Weber, Finance Director, 970.871.8250 or email
Michael Lane, Communications Manager, 870.871.8220 or email