Grand Rapids recognized for excellence in financial reporting

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Courtesy city of GR Economic Development Department

The city of Grand Rapids has earned its 36th consecutive certificate of achievement for excellence in financial reporting from the Government Finance Officers Association of the United States and Canada (GFOA).

The city comptroller’s department last week announced its comprehensive annual financial report for the fiscal year ending June 30, 2020, earned GFOA’s highest honor in the area of governmental accounting.

City Comptroller Max Frantz expressed his pleasure with the city continuing the streak of sound financial reporting, saying Grand Rapids first received the certificate of excellence in 1979 and has earned it every year since 1985.

“This certificate is the culmination of hundreds of hours of hard work by team members in the comptroller’s department, working in conjunction with our fellow city departments,” Frantz said. “It truly is a citywide effort, and everyone should be proud of this achievement. Its attainment represents a significant accomplishment by our organization and its management.”

Grand Rapids’ report was 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 report.

The GFOA established the certificate of achievement for excellence in financial reporting program in 1945 to encourage state and local governments to go beyond the minimum requirements of generally accepted accounting principles and to instead prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure.

The annual comprehensive financial report for the fiscal year ending June 30, 2020, can be accessed on the city’s website. The comptroller’s department also published an accompanying citizen’s guide to the city’s finances, which serves as a shorter and simplified version of the annual comprehensive financial report with the goal of providing an overview of city finances to a broader audience. The citizen’s guide is available in English and Spanish and also can be accessed on the city’s website.

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