The city of St. Petersburg is being recognized this year for its 2019 comprehensive annual financial report, which the city closed this month in the black.
The Government Finance Officers Association of the United States and Canada awarded its Certificate of Achievement for Excellence in Financial Reporting to the city this week.
The certificate is the group’s highest form of recognition in governmental accounting and financial reporting.
“The work of city budgeting and finance is almost never glamorous,” Kriseman said. “But we adhere to strict guidelines, rules and regulations, and I believe in conservative budgeting principles, even as we continue to fund the necessities of a city as well as our administration’s priorities.”
The Government Finance Officers Association judges city budgets using an impartial panel that ensures the annual financial reports meet the group’s rigid standards. In addition to looking for quality accounting and budgeting practices, the group also evaluates transparency by requiring in its certificate requirements a “spirit of full disclosure.” The group’s emphasis on transparency is intended to ensure those who read the city’s budget are able to understand its spending practices.
The certificate recognizes St. Pete as a city where tax payer dollars are spent wisely and prudently and serves as an indicator to businesses that the city is a sound investment for location.
“I am particularly proud of our City Administrator, Assistant City Administrator, as well as our budgeting and finance staff, who work hard every day to ensure we are good stewards of taxpayer dollars,” Kriseman said.
The Government Finance Officers Association’s mission is to promote excellence in public finance. The group represents more than 20,000 public finance officials in the United States and Canada and is run by an 18-member executive board elected by its members.
The group’s certificate recognizes governments that have gone above and beyond the basic standards of accounting principles and that demonstrate financial health.