For the 29th 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).
Paducah’s recent award is for the fiscal year that ended June 30, 2019. The CAFR, a voluntary document compiled by the City for review and grading, includes the city’s audit and various financial and statistical reports.
City Manager Jim Arndt says, “The purpose of the Comprehensive Annual Financial Report is to provide accurate and meaningful information concerning the City’s financial condition and performance as verified by independent auditors. Since the City of Paducah embraces the value of fiscal responsibility, we actively pursue this award and are committed to sharing Paducah’s financial story.”
Arndt adds, “I want to thank the team of financial experts in the City of Paducah Finance Department. They are committed to being the best, and I want them to know how much I appreciate the work they do for Paducah.”
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.
Finance Director Jonathan W. Perkins says, “Government accounting rules are becoming more complex each and every year. The City of Paducah, and especially the Finance Department staff, rise to the challenge of implementing such rigorous national standards. This is the 29th annual Government Finance Officers Association Certificate of Achievement for Excellence in a row earned by the City which demonstrates our continuous effort to get financial reporting and financial management right.”
Perkins adds that this internationally recognized award is an essential 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.
A section of the letter from GFOA Technical Services Director Michele Mark Levine to the City of Paducah announcing our 29th award 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 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 Paducah Fire Station No. 1 on Washington Street for the most recent CAFR. The drawings are displayed in the Finance Department at City Hall.
To read the CAFR, visit http://paducahky.gov/city-audit-comprehensive-annual-financial-report.
Date of release: September 10, 2020