City of Paducah Receives 26th Consecutive Award for Financial Reporting

CAFR coverFor the 26th consecutive year, the Government Finance Officers Association of the United States and Canada (GFOA) has awarded the City of Paducah the Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report (CAFR).  This award is for the fiscal year that ended June 30, 2016.  The CAFR is a voluntary document compiled by the City for review and grading that includes the city’s audit and various financial and statistical reports. 

Mayor Brandi Harless says, “Coming in to this office and working with a finance staff that pays careful attention to our financial reporting has been a highlight of the last 120 days.  We can do very little without financial resources. The City of Paducah Finance Department has put us in a strong financial position. I am proud of the work they do, and they deserve this recognition for going above and beyond to ensure our future is secure.”

City Manager Jeff Pederson says, “Preparation of a CAFR is not mandatory, and it goes well beyond merely having an annual audit performed.  Doing a CAFR and achieving national recognition for it is the ultimate in financial transparency on the part of a city.  We are very proud to put the City of Paducah to such a high standard."

Finance Director Jonathan Perkins says, “On behalf of the City of Paducah and the Finance Department, we are indeed honored and proud to receive our 26th Certificate of Achievement for Excellence.  It confirms that the effort we put into financial reporting and transparency is nationally recognized.”  Perkins adds that this internationally recognized award is one element necessary for the City to maintain a strong S & P bond rating of AA-. 

According to the GFOA, the Certificate of Achievement represents a significant accomplishment by a government and its management and is the highest form of recognition in the area of governmental accounting and financial reporting.  A portion of the GFOA news release regarding Paducah’s Certificate reads, “The CAFR has been judged by an impartial panel to meet the high standards of the program which includes demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.”

In addition to the extensive financial reports, the CAFR includes an artistic element on the cover.  Since the early 1990’s, the City has commissioned Janice Crosno of Paducah to provide a pen and ink drawing of a site unique to Paducah.  Crosno drew Westminster Presbyterian Church located at 2732 Broadway for the most recent CAFR.  The drawings are displayed in the Finance Department at City Hall.

Visit City of Paducah CAFR to view the most recent edition in addition to the previous 15 editions.

The GFOA is a professional association serving approximately 19,000 government finance professionals.