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City of Goleta Receives Excellence in Financial Reporting Award for 16th Consecutive Year

Post Date:10/11/2019 3:21 PM

We are pleased to share that City of Goleta’s Comprehensive Annual Financial Report (CAFR) once again earned the City a Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA) for the fiscal year ending June 30, 2018. This is the 16th consecutive year the City has received this honor.

The repeat award is an example of how the City’s financial reports continue to demonstrate transparency and disclosure of City funds so that it is easy to understand how money is received, spent and overall financial position. The CAFR is prepared by the City’s Finance Department and complies with principles and standards for financial reporting set forth by the Governmental Accounting Standards Board (GASB), and was audited in accordance with generally accepted auditing standards by an independent public accounting firm of licensed certified public accountants.

Luke Rioux, the City’s Finance Director said he is immensely proud that the City continues to be recognized for its detailed and thorough work.  He said, “The City of Goleta’s team of financial professionals work hard to ensure full, clear disclosure in financial reporting and we are proud that we are consistently able to meet the rigorous standards set by GFOA.  We are committed to being good stewards of public funds and breaking down this information to be published annually in an easily readable and efficiently organized comprehensive annual financial report.”

A Certificate of Achievement for Excellence in Financial Reporting is the highest form of governmental accounting and financial reporting recognition. The award was established more than 70 years ago by the Government Finance Officers Association to encourage and assist local and state governments to go beyond the minimum requirements of generally accepted accounting principles using the spirit of transparency and full disclosure.

Governments who want to be considered for this award must submit their report within six months of the end of the fiscal year and must satisfy both generally accepted accounting principles and applicable legal requirements. The review process takes another four to six months. Learn more about the Certificate of Achievement award at www.gfoa.org/cafr. The City’s Comprehensive Annual Financial Report can be found here: https://www.cityofgoleta.org/city-hall/finance/finance-administration-budget/comprehensive-annual-financial-report-cafr-current

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