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, 2022.
This is the 32nd 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, “The City of Paducah’s record of financial excellence cannot be minimized. GFOA characterizes Paducah’s award as a ‘significant accomplishment by the government and its management.’ Thirty-two years of financial excellence should give every Paducah citizen confidence that taxpayer money is being accounted for and spent in a prudent manner. This level of financial excellence has become expected from our City so the award could easily be taken for granted. But, the Paducah community should have full confidence in the City’s financial management as well as the transparency that is an important part of our city culture.”
City Manager Daron Jordan said, “The fiscal responsibility of public dollars is one of the bedrocks of public trust. Team Paducah works diligently to maintain such trust, and that hard work is recognized by the GFOA. I am proud to be part of a team that is dedicated to such a focus. I’m equally proud of the hard work by our Finance Department, under the leadership of Director Jonathan Perkins, for ensuring that the high standards required to achieve such GFOA recognition continue to be a focus for that department.”
Finance Director Jonathan W. Perkins said, “Accounting rules have become very complex, but the City of Paducah continues to meet the challenge of implementing rigorous national standards and sees value in compiling various financial and statistical reports necessary to achieve this recognition. The public should be confident in the City of Paducah’s financial status as our financial position and performance have again been verified by independent auditors.”
Perkins adds that this internationally recognized award is a critical 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.
Visit City Audit - Annual Comprehensive Financial Report for more information.
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