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Mount Prospect Receives Distinguished Financial Reporting Awards from the Government Finance Officers Association

Post Date:01/21/2016 11:00 AM
Each year, the Government Finance Officers Association (GFOA)* reviews financial reports and budget documents from municipalities across the nation and determines how effective each is at communicating its overall message to the public. The Village of Mount Prospect is proud to announce that its Comprehensive Annual Financial Report (CAFR) for the fiscal year ended December 31, 2014, has been so reviewed and was awarded a Certificate of Achievement for Excellence in Financial Reporting, the highest form of recognition in governmental accounting and financial reporting. The Village has received the Certificate of Achievement for Excellence in Financial Reporting for 30 years. Recently, the Village was also awarded the “Distinguished Budget Presentation Award,” which it has received for 23 years. In its announcement, the GFOA states the budget award represents a significant achievement by the Village. It reflects the commitment of the governing body and staff to meeting the highest principals of government budgeting.

“The Village’s Finance team goes to great lengths to develop a complete annual budget and CAFR that provide open communication when it comes to Village finances,” said Finance Director David Erb. “The documents go beyond numbers alone – they paint a picture for the public of the policies we have in place and how we are serving our community.”

Mayor Arlene A. Juracek added, “It’s important to the Village Board that we and Village staff provide a clear rationale for our financial decisions. We are pleased that the GFOA recognizes and applauds our efforts.”

As stated by the GFOA in announcing the award, the CAFR has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.

The GFOA reviewed how effectively Mount Prospect’s annual budget serves as:

• a policy document
• a financial plan
• an operations guide
• and a communication device.

Budget documents must be rated “proficient” in all four categories, and the fourteen mandatory criteria within those categories, to receive the award.

The GFOA’s Awards Program is the only national awards program in government budgeting and financial reporting. Over the years, the Village has received numerous awards for excellence in governmental accounting and financial reporting.

*The GFOA is a major professional association servicing the needs of more than 18,000 appointed and elected local, state, and provincial-level government officials and other finance practitioners.

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