For the sixth consecutive year in a row, Opa-locka was awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United State and Canada for the city’s 2010-2011 comprehensive annual financial report.
“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,” GFOA released in a statement.
A panel judges the CAFR program looking for governmental agencies to demonstrate a “spirit of full disclosure,” according to GFOA. The panel selects agencies from a national pool, “to clearly communicate its financial story and motivate potential users groups to read the [comprehensive annual financial report].
The paneled graded Opa-locka’s financial statement on 17 individual categories to determine compliance with both generally accepted accounting principles and CAFR program policy. The review panel consists of the GFOA staff and GFOA’s Special Review Committee, which comprises individuals from government, the public accounting profession, and academe who possess specialized expertise in governmental financial reporting.
The GFOA is a nonprofit professional association serving approximately 17,500 government finance professions