Date of release: June 5, 2018
For the 27th consecutive year, the Government Finance Officers Association of the United States and Canada (GFOA) has awarded the City of Paducah the Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report (CAFR). The CAFR is a voluntary document compiled by the City for review and grading that includes the city’s audit and various financial and statistical reports.
According to the GFOA, the Certificate of Achievement represents a significant accomplishment by a government and its management and is the highest form of recognition in the area of governmental accounting and financial reporting. Paducah’s award is for the fiscal year that ended June 30, 2017.
Interim City Manager Mark Thompson says, “Paducah actively pursues this achievement because of our commitment in providing full disclosure in communicating our City’s financial story. The CAFR is not mandatory; however, each year the Finance Department makes the preparation of this document part of its ongoing mission to maintain high standards with an attitude toward full transparency.”
Finance Director Jonathan Perkins says, “Receiving the 27th Certificate of Achievement for Excellence validates the effort that the City of Paducah and the Finance Department put into financial reporting. It also makes me proud since it highlights the financial management expertise of the Finance Department’s staff. Government accounting rules are complex and extensive, but we are ready for the challenge in implementing rigorous national standards.”
Perkins adds that this internationally recognized award is one element necessary for the City to maintain a strong S & P bond rating of AA-.
A section of the letter from GFOA Technical Services Director Michele Mark Levine to the City of Paducah announcing our 27th award reads, “Congratulations for having satisfied the high standards of the program. We hope that your example will encourage others in their efforts to achieve and maintain an appropriate standard of excellence in financial reporting.”
In addition to the financial reports, the CAFR includes an artistic element on the cover. Since the early 1990’s, the City has commissioned Janice Crosno of Paducah to provide a pen and ink drawing of a site unique to Paducah. Crosno drew Old Courthouse Station located in the 600 block of Kentucky Avenue for the most recent CAFR. The drawings are displayed in the Finance Department at City Hall.