Hoffman Estates receives budget presentation award

The Government Finance Officers Association of the United States and Canada (GFOA) announced that the village of Hoffman Estates has received the GFOA’s “Distinguished Budget Presentation Award” for its annual budget for the fiscal year beginning Jan. 1, 2010.

“Hoffman Estates is deeply committed to fiscal responsibility at every level,” Village Manager Jim Norris said. “This is an important accomplishment in the area of municipal accounting and fiduciary excellence, and further shows the village’s commitment to transparency.”

The award represents a significant achievement by Hoffman Estates. It reflects the commitment of the village board and staff to meet the highest principles of governmental budgeting.

In order to receive the budget award, the village had to satisfy nationally recognized guidelines for effective budget presentation. These guidelines are designed to assess how well an entity’s budget serves as:

타 A policy document

타 A financial plan

타 An operations guide

타 A communications device

Budget documents must be rated “proficient” in all four categories, as well as the 14 mandatory criteria within those categories, to receive the award.

In addition to these requirements, the village created a budget that is transparent and sophisticated. Residents are able to access the document online, and explore the budget process, understand the village’s budget controls and gain a better understanding of financial checks and balances.

Overall, this extra effort resulted in a professional, informative budget that is head-and-shoulders above other municipalities.

When a “Distinguished Budget Presentation Award” is granted to an entity, a “Certificate of Recognition for Budget Presentation” is also presented to the individual or department designated as being primarily responsible for its having achieved the award. This year, the certificate has been presented to Michael F. DuCharme, director of finance.

The GFOA has acknowledged that the village of Hoffman Estates has pioneered efforts to improve the quality of budgeting, and has provided an excellent example for other governments throughout North America.

For more information on the village’s budgeting process, call the Finance Department at (847) 843-4800.