The City of Baxter was awarded the Government Finance Officers Association’s (GFOA) Certificate of Achievement for Excellence in Financial Reporting for its 2015 Comprehensive Annual Financial Report (CAFR). The award represents the fifth consecutive for the city.
The Certificate of Achievement program (CAFR program) was established in 1945 to encourage state and local governments to go beyond the minimum requirements of Generally Accepted Accounting Principles and to assist governments in preparing comprehensive annual financial reports that evidence a spirit of transparency and full disclosure. The program then recognizes individual governments when they achieve that goal.
Nationwide, around 2,000 municipalities receive the award each year. In Minnesota, around 103 cities receive the certificate annually.
Reports submitted to the CAFR program are reviewed by members of the GFOA special review committee. These individuals have expertise in public-sector financial reporting and include independent auditors, academics, and other finance professionals.
Finance Director Jeremy Vacinek and Assistant Finance Director Susannah Jensen accepted the award on behalf of the city and thanked the city council for supporting sound financial practices that made the award possible. Mr. Vacinek also acknowledged Assistant Finance Director Jensen for her efforts.
A copy of the city’s 2015 CAFR can be found on the city’s website under Finance Department. Next spring, the 2016 CAFR will be prepared upon completion of the 2016 annual audit. A copy of the 2016 CAFR will be available on the city’s website next summer.