Annapolis Awarded Excellence In Financial Reporting Award For Fiscal Year 2020

Annapolis MD

19 January, 2022

5:34 PM

Description

Press release from the City of Annapolis: January 19, 2022 Press Release Mayor Gavin Buckley PUBLIC INFORMATION OFFICE 160 Duke of Gloucester Street Annapolis, Maryland 21401 FOR IMMEDIATE RELEASE Media contact: Mitchelle Stephenson, 410-972-7724 or [email protected] Annapolis Awarded Excellence in Financial Reporting Award for Fiscal Year 2020 Government Finance Officers Association Recognition Announced Tuesday Annapolis, MD (January 19, 2021) – On Tuesday, Jan. 18, the Government Finance Officers Association of the United States and Canada (GFOA) announced the City of Annapolis was awarded the Certificate of Achievement for Excellence in Financial Reporting for its annual comprehensive financial report for the fiscal year that ended June 30, 2020. "The report has been 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," according to a press release issued by GFOA. The release continued, "[T]he Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management." City Manager David Jarrell credited the work of Finance Director Jodee Dickinson and her team for earning the recognition. "She has been tireless in bringing transparency to City finances," Jarrell said. "Especially as we enter the next budget cycle, I want to thank Jodee for her work." The award follows two consecutive credit rating upgrades for the City, including a bond rating from Moody's Investor Service from Aa2 to Aa1 in August of 2021, and a Fitch Ratings upgrade to AA in November of 2020. When Mayor Gavin Buckley came into office in 2017, he asked then City Manager Teresa Sutherland to upend the City's budget process to be transparent and in alignment with modern accounting processes. "I wanted every expenditure to have a line item in the City budget and every outlay to be accounted for through a trackable process," Buckley said. "I thank our team for their work and GFOA for acknowledging that work with this recognition." # # # This press release was produced by the City of Annapolis. The views expressed here are the author's own.