Earlier this week at Council, Kitchener Mayor Berry Vrbanovic presented staff with the Canadian Award for Financial Reporting Award, which was given to the City of Kitchener by the Government Finance Officers Association of the United States and Canada (GFOA) for its 2022 annual financial report. This is the fourth time the City of Kitchener has received the award since 2011
The Canadian Award for Financial Reporting Program was established to encourage municipal governments throughout Canada to publish high-quality financial reports and to provide peer recognition and technical guidance for officials preparing these reports. Its attainment represents a significant accomplishment by a government and its management.
“This award is a wonderful affirmation of the continued work of staff and council,” said Kitchener Mayor Berry Vrbanovic. “Prudent, long-term financial planning and fiscal responsibility have been the cornerstone of our recent terms of council. This recognition once again from the GFOA is a testament to the fact that we adhere to the highest standard in our duty in managing public funds.”
GFOA established the Canadian Award for Excellence in Financial Reporting Program (CAnFR Program) in 1986 to encourage and assist Canadian local governments to go beyond the minimum requirements of generally accepted accounting principles, as set by the Public Sector Accounting Board of the Chartered Professional Accountants of Canada, to prepare annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.
Impartial Canadian Review Committee members judged the City of Kitchener’s annual financial report on whether it met the program's high standards. This includes demonstrating a constructive “spirit of full disclosure” designed to clearly communicate the municipality’s financial story and to motivate potential users and user groups to read the report.
“Winning this award is a wonderful form of recognition, and this kind of third-party assessment is a big part of how we live up to our commitment to transparency and continuous improvement,” said Ward 1 Councillor and Finance & Corporate Services Committee Chair Scott Davey. “We’ve been acknowledged by our peers that we’re keeping our books in order. We’ll continue to work transparently with organizations like the GFOA and others to ensure we’re following industry best practices.”
The Government Finance Officers Association (GFOA) advances excellence in government finance by providing best practices, professional development, resources, and practical research for more than 21,000 members and the communities they serve.
More information about the award can be found here www.gfoa.org/canfr.
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For more information, contact:
Shawn Falcao
Manager, Corporate Communications
City of Kitchener
shawn.falcao@kitchener.ca