Carmel honored for Excellence in Financial Reporting

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 for the second year in a row.

In a news release issued February 25, 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 manage finances and carefully account for multiple budgets and many complicated funding and revenue streams,” said Mayor Jim Brainard. “We do this to diligently care for taxpayers’ money, to invest wisely and to be transparent about what we do with our tax revenues.”

Mayor Brainard expressed his gratitude for many who played a part in achieving this honor, the Clerk Treasurer and her staff, the Carmel City Council, Executive Department Directors and longtime financial consultant Curt Coonrod and his staff – who worked in collaboration to ensure excellence in the City’s financial reporting.

According to the GFOA, 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 financial reporting system in place, one that passes the scrutiny of both a State Board of Accounts audit and the prestigious GFOA Certificate of Achievement process.