Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to the City of Paducah for its Annual Comprehensive Financial Report for the fiscal year ending June 30, 2021.
This is the 31st consecutive year that Paducah has achieved this prestigious award. The report, a voluntary document compiled by the City for review and grading, includes the city’s audit and various financial and statistical reports.
The report was judged by an impartial panel to meet the program’s high standards which include demonstrating a constructive “spirit of full disclosure” to clearly communicate the City’s financial story.
Mayor George Bray said, “GFOA characterizes Paducah’s award as a ‘significant accomplishment by the government and its management.’ Thirty-one years of financial excellence is something that should be celebrated, and because this level of financial excellence has become expected from our City, the award could easily be taken for granted. But make no mistake, the Paducah community should have full confidence in the City’s financial management as well as the transparency that is becoming part of our city culture.”
City Manager Daron Jordan said, “Each day, the City’s team embraces our organizational value of fiscal responsibility. I appreciate the work and leadership of Finance Director Jonathan Perkins and his team. The Finance Department’s commitment to financial excellence allows Paducah to be proactive in moving the City forward.”
Finance Director Jonathan W. Perkins said, “Government accounting rules are complex, but I am proud the City of Paducah rises to the challenge of implementing rigorous national standards and sees the value in compiling the various financial and statistical reports necessary to achieve this recognition. Furthermore, the public should be confident in the City’s financial status as our financial condition and performance are verified by independent auditors.”
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.
GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare annual comprehensive financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.