The City of Campbell River has once again been recognized for its financial reporting practices.
At the most recent meeting of council, Mayor Andy Adams presented the 2019 Canadian Award for Financial Reporting to the city’s finance and communications staff. The award was established by the Government Finance Officers Association of the United States and Canada (GFOA) “to encourage municipal governments throughout Canada to publish high-quality financial reports and to provide peer recognition and technical guidance for officials preparing these reports,” and the awarding of the recognition “represents a significant accomplishment by a government and its management.”
Adams says the fact that Campbell River has been recognized with this award yet again shows that the city continues to be transparent and open with its finances.
“This award recognizes excellence in government accounting and financial reporting and represents a significant accomplishment for the city and our staff, in particular,” Adams says. “Staff published a high-quality report that demonstrates a constructive spirit of full disclosure that clearly communicates the city’s financial story.”
Adams has previously said that he credits the changes the city made to its financial planning structure as the major reason it is recognized in this way.
“The award acknowledges the progressive changes we have made in moving our financial planning meetings ahead (from February to December), moving from a five to a 10-year financial plan and establishing a sound reserve policy that meets our capital asset planning needs for the future,” he said when the city won its first such honour for the budget council passed in December of 2015.
This year’s award is for the financial reporting of the plan that was approved in December of 2017.