PHILADELPHIA – The Government Finance Officers Association has honored the City’s latest Comprehensive Annual Financial Report for “excellence in financial reporting.”

The Comprehensive Annual Financial Report (CAFR) is a summary of the City of Philadelphia’s fiscal condition.  This report must be published by February 25th of every year to fulfill the continuing disclosure requirements related to the City’s outstanding bonds and as outlined in regulations of the Securities and Exchange Commission.

The City’s latest CAFR, covering Fiscal Year 2017, was issued in February, 2018.  According to the Government Finance Officers Association (GFOA), the City’s CAFR was judged by an impartial panel to meet the high standards of the group’s program, which includes demonstrating a constructive “spirit of full disclosure” to clearly communicate the City’s financial story, and to motivate users to read the CAFR.  The GFOA’s Certificate of Achievement is recognized as the highest form of recognition in the area of government accounting and financial reporting.

“The recognition of the FY17 CAFR is a testament to the hard work of many dedicated staffers in our Finance Department, particularly in the Accounting Office,” said Mayor Kenney. “The GFOA honors their thoroughness and commitment to transparency and this national praise is well-deserved.”

The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program in 1945 to encourage and assist state and local governments “to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.” According to the GFOA, the goal is not to assess the financial health of participating governments, but rather “to ensure that users of their financial statements have the information they need to do so themselves.”