City of St. Charles financial reporting practices have earned recognition from the Government Finance Officers Association (GFOA). Two financial reports—the Comprehensive Annual Financial Report and the streamlined Popular Annual Financial Report—have received awards from the GFOA.
The Comprehensive Annual Financial Report
For the 34th year in a row, the City of St. Charles Comprehensive Annual Financial Report was awarded the prestigious Certificate of Achievement for Excellence in Financial Reporting from the GFOA. The award is the highest form of recognition in government accounting and finance. It recognizes the City of St. Charles for showing a spirit of full disclosure in clearly communicating the City’s finances.
The Certificate of Achievement program encourages governments to prepare financial reports of the highest quality for the benefit of their citizens. The program has gained widespread recognition as the premier indicator of excellence in governmental accounting and financial reporting. This latest award is for the fiscal year ending April 30, 2019. Review the Comprehensive Annual Financial Report here.
The Popular Annual Financial Report
The City’s first-ever Popular Annual Financial Report (PAFR) recently received the Award for Outstanding Achievement in Popular Financial Reporting from GFOA. The PAFR is designed to be easily understood by the general public, without needing a background in public finance. The PAFR highlights important elements from the lengthier Comprehensive Annual Financial Report for the fiscal year ending April 30, 2019. Producing a PAFR is not required by any regulatory body or state statute, and is entirely elective on the part of the City. In publishing a PAFR, the City of St. Charles joins an exclusive group of progressive governments making an extra effort to communicate clear and concise financial information to its constituents. Review the PAFR here.
“The City of St. Charles is committed to following fiscally prudent policies and maintaining transparency, accountability, and ease of understanding of our financial documents,” said Director of Finance Christopher Minick. “We are gratified to have received the CAFR award 34 years in a row and we are proud to produce and be recognized for our first Popular Annual Financial Report.”