San Rafael, CA – For the fifth consecutive year, the Marin County Department of Finance has received the highest form of national recognition in governmental accounting and financial reporting, this time for its 2015 Comprehensive Annual Financial Report (CAFR).
The Department of Finance has won this top national award five years in a row.
The awarding organization, the Government Finance Officers Association (GFOA), is a nonprofit professional organization headquartered in Chicago and Washington, D.C. Its Certification of Achievement for Excellence recognizes the financial reporting of state and local governments that go beyond the minimum requirements of generally accepted accounting principles and prepare comprehensive annual financial reports that evidence the “spirit of transparency and full disclosure.”
The goal of the program is not to assess the financial health of participating governments but rather to ensure that users of their financial statements have the information they need to do so themselves.
“Receiving the GFOA award over the past five years truly reflects the strong work ethic and high standards of the Department of Finance staff and management,” said Roy Given, Director of Finance. “This means our report meets the organization’s highest standards in accuracy, clarity and transparency. I am truly fortunate to work with such a dedicated and motivated team.”
The Department of Finance first began preparing a Comprehensive Annual Financial Report in fiscal year 2010-11. Prior to 2011, the department had issued a standard Annual Financial Report. Differences between the CAFR and the standard Annual Financial Report include the addition of a narrative and overview section to provide background and context to the CAFR, increased details on all financial accounting, and in-depth analysis to accompany financial statements.
Although Finance is responsible for compiling the CAFR, all financial statements are audited by Gallina LLP, a registered public accounting firm. The independent auditor’s report is included in the final published document.
The GFOA represents public finance officials in the U.S. and Canada, and boasts more than 18,000 members of federal, state/provincial, and local finance officials between the two countries.