LOMBARD, Illinois--For the 26th consecutive year, the Village of Lombard has received the Certificate of Achievement for Financial Reporting and the Distinguished Budget Award for its budget for the 25th consecutive year. The Village was recognized with these awards by the Government Finance Officers Association of the United States and Canada (GFOA.)
The Certificate of Achievement for Financial Reporting is the highest form of recognition in the area of governmental accounting and financial reporting and its attainment represents a significant accomplishment by a government and its management. Likewise, the Budget Award is also one of the highest forms of recognition a municipality can achieve in the area of budgeting.
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The Budget Award reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting. In order to receive the budget award, the entity had to satisfy nationally recognized guidelines for effective budget presentation. These guidelines are designed to assess how well and entity's budget serves as:
• a policy document
• a financial plan
• an operations guide
• a communications device
Budget documents must be rated "proficient" in all four categories, and the 14 mandatory criteria within those categories, to receive the award.
Both awards were judged by an impartial panel to meet the high standards of the program, including demonstrating a constructive spirit of full disclosure when it comes to financial reporting and the Village budget.
The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago and Washington, D.C.