City of Malibu: City Wins Award for Transparency and Excellence in Financial Reporting
September 16, 2021
The City of Malibu received a Certificate of Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA) for its Complete Annual Financial Report (ACFR) for the 2019-2020 fiscal year.
âTransparency, accountability and responsible management of taxpayer dollars are among the most important guiding principles for a municipal government, and Malibu has kept this promise year after year,â said Mayor Paul Grisanti. âIn addition, the excellent financial management of Malibu allows us to better finance the large projects that the community needs and to deal with disasters and economic downturns.
Malibu has already received the award 19 times. To see the ACFR 2019-2020 as well as the ACFR of previous years, visit http://malibucity.org/financialreports. The award is judged by an impartial panel of public finance professionals to meet the high standards of the ACFR program.
The GFOA is a non-profit trade association serving approximately 17,500 government finance professionals, and the Certificate of Achievement is considered the highest form of recognition in the field of government accounting and financial reporting. .
The GFOA created the Certificate of 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. The program recognizes individual governments that succeed in preparing comprehensive annual financial reports that demonstrate the spirit of transparency and full disclosure. The goal of the program is not to assess the financial health of participating governments, but rather to ensure that users of their financial statements have the information they need to do it themselves.
For more information on the GFOA program and Certificate of Achievement for Excellence in Financial Reporting, visit https://www.gfoa.org/coa-award.
This press release was produced by the city of malibu. The opinions expressed here are those of the author.