City of Paducah Receives 30th Consecutive Award for Financial Reporting

Date of Release: 
June 23, 2021

Date of release:  June 23, 2021

For the 30th 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 Annual Comprehensive Financial Report. 

Paducah’s recent award is for the fiscal year ending June 30, 2020.  The report, a voluntary document compiled by the City for review and grading, includes the city’s audit and various financial and statistical reports. 

Mayor George Bray said, “A thirty-year span of financial excellence represents a significant accomplishment by Paducah.  This is the highest form of recognition in the area of governmental accounting and financial reporting.  The Paducah community should feel confident in the City’s financial management.”

City Manager Jim Arndt said, “I want to thank the team of experts in the City of Paducah Finance Department.  Each and every day they live the City’s organizational value of fiscal responsibility.  I appreciate the work they do for Paducah and their commitment to pursuing this award so that we can share Paducah’s financial story.”

Finance Director Jonathan W. Perkins said, “The Annual Comprehensive Financial Report provides accurate and meaningful information concerning the City’s financial condition and performance as verified by independent auditors.  With the increasing complexity of government accounting rules, I am proud the City of Paducah rises to the challenge of implementing such rigorous national standards.” 

Perkins adds that this internationally recognized award is an essential element necessary for the City of Paducah to maintain a strong Standard & Poor’s AA- bond rating.  An excellent credit rating, like Paducah’s, is further evidence that the City is serious about how it manages financial matters.

In addition to the financial reports, the City’s Annual Comprehensive Financial Report 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 the sculpture, Wacinton, located on Park Avenue in Noble Park for the most recent report.  Wacinton, which means understanding, is a hand-chiseled sculpture in a red oak.  The sculpture honors the Chickasaw Indians who lived and hunted in this area until the Jackson Purchase in 1818.