City of Geneva wins financial reporting triple crown

 
 
Updated 10/20/2021 11:03 PM

Geneva's financial reporting and transparency efforts have culminated with a trifecta of national awards.

The Government Finance Officers Association of the United States and Canada honored the city's accomplishments, which represent the highest form of achievement in the field of governmental accounting and financial reporting. The association is a non-profit organization serving more than 20,000 government finance professionals.

 

The city has received the following accolades for 2019, the most recent year evaluated by the association:

• Distinguished Budget Award: The city's budget practices have earned national acclaim for eight consecutive years. In order to receive the award, Geneva had to satisfy best practice standards, including how well an entity's budget serves as a policy document, a financial plan, an operations guide, and 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.

• Certificate of Achievement for Excellence in Financial Reporting: For the seventh straight year, the city was recognized for going above and beyond with its comprehensive annual finance report. The city's audit report contains financial statements and records from the past decade, property tax and debt data, and general statistical information about Geneva. The award demonstrates the city's "spirit of full disclosure" to clearly communicate its financial picture to the public.

• Popular Annual Financial Report: For those not inclined to read the nearly 200-page audit report, the city's Popular Annual Financial Report (PAFR) provides a nice alternative. This 16-page, visually-friendly audit summary filled with photos and graphs offers readers a better understanding of the complexities of government finances and other helpful information. The association bestowed the PAFR award to Geneva for the fourth consecutive year.

Geneva's budget and financial reports can be found on the city's website at www.geneva.il.us.

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