MALIBU—The city was awarded a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA) for its Fiscal Year 2019-2020 Annual Comprehensive Financial Report (ACFR).
According to a news release, “Transparency, accountability and responsible management of taxpayer dollars are among the most important guiding principles for a City government, and Malibu has delivered on that promise year after year,” said Mayor Paul Grisanti. “Moreover, Malibu’s excellent financial management makes us better able to fund large projects that the community needs and better prepared to weather disasters and economic downturns.”
The city previously received the award 19 times. To see the 2019-2020 ACFR, and ACFRs from previous years, visit http://malibucity.org/financialreports. The award is judged by an impartial panel of government finance professionals to meet the high standards from the ACFR program.
The GFOA is a non-profit professional association that serves approximately 17,500 government finance professionals, and the Certificate of Achievement is deemed the highest form of recognition in the area of governmental accounting and financial reporting.
The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program in 1945 to encourage and assist state and local governments that are beyond the minimum requirements of generally accepted accounting principles.
The program identifies individual governments that flourish in preparing annual comprehensive financial reports that demonstrate the spirit of transparency and full disclosure. The goal is not to assess the financial health of participating governments, but to ensure that users of their financial statements have the information they need to do so themselves.
For more details on the GFOA and Certificate of Achievement for Excellence in Financial Reporting program, visit https://www.gfoa.org/coa-award.