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City honored with ‘Excellence in Financial Reporting’

In a news release from the city, it has been announced that The City of Carmel has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for the City’s comprehensive annual financial report, known as a CAFR.

In a news release issued February 7, the Chicago-based GFOA said the Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

“We work hard as a City to responsibly manage finances and carefully account for multiple budgets and many complicated funding and revenue streams, all with a goal to diligently care for taxpayers’ money, to invest wisely and to be transparent about what we do with our tax revenues,” said Mayor Jim Brainard. “While we constantly focus on long-range planning to build the best City in America to live, work and play, this report shows that we are also doing an excellent job in keeping track of the daily financial condition of the City.”

Mayor Brainard expressed his gratitude for many who played a part in achieving this honor, including his Department heads, the Carmel City Council, the Clerk-Treasurer’s Office and longtime financial consultant Curt Coonrod – all of who worked hard to keep Carmel excellent.

According to the GFOA news release (attached to this release), the City’s CAFR has been judged by an impartial panel to “meet the high standards of the program, which includes demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.”

Carmel Clerk-Treasurer Christine Pauley said the honor should give residents of Carmel assurance that the City has a strong system in place to monitor our finances and manage our debt on a daily basis. “This is a good housekeeping stamp that the city all along has had its financial books together. I believe the rating agencies will look at this when they do our credit ratings. This is great news. Our house is in order,” said Pauley.

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