City of Kitchener wins award for financial reporting

Kitchener, Ontario – The Canadian Award for Financial Reporting has been awarded to the City of Kitchener by the Government Finance Officers Association of the United States and Canada (GFOA) for its annual financial report. 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.

The City of Kitchener’s annual financial report has been judged by impartial Canadian Review Committee members to meet the high standards of the program, including 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.

“I’m pleased to see that this important element of our stewardship of public funds has been acknowledged to meet this high standard,” said Kitchener Mayor Berry Vrbanovic. “Diligence in our financial reporting is an important and necessary part of our responsibility to prudently manage Kitchener’s finances, supporting our delivery of key services our community relies on for years ahead.”

The review found that the City of Kitchener’s annual financial report:

Conformed with generally accepted accounting principles.

Used standardized terminology and formatting conventions.

Was clear, thorough, and detailed.

“I’m happy that we’ve won this award now for a couple of years in a row,” said Ward 1 Councillor and Finance & Corporate Services Committee Chair Scott Davey. “Our long-term financial plans go years and even decades into the future, and an important part of how we stick to those plans is making sure we keep our books in order. These awards are a great way to stay accountable.”

The 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.

For more information, contact:

Philip Price

Communications and Marketing Associate

City of Kitchener  

media@kitchener.ca

Michele Mark Levine

Director/TSC

(312) 977-9700

Mlevine@gfoa.org