City of Hot Springs News Releases

Posted on: January 19, 2018

City receives award for financial reporting excellence

For the 24th consecutive year, the City of Hot Springs has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its 2016 comprehensive annual financial report (CAFR). The city's Finance Department also received an Award of Financial Reporting Achievement for preparing the award-winning CAFR.

"The board has adopted sound fiscal policies and has supported the work of management and city staff, especially Finance Department staff, to implement those policies and maintain accounting records in accordance with generally accepted accounting principles,” said Finance Director Dorethea Yates. “Without this, the city would not be able to receive this reward year after year.”

The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting. Its attainment represents a significant accomplishment by a government and its management.

The CAFR was judged by an impartial panel to meet the high standards of the program, including demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.

The GFOA is a major professional association serving the needs of nearly 19,000 appointed and elected local, state and provincial-level government officials and other finance practitioners. It provides top-quality publications, training programs, services and products designed to enhance the skills and performance of those responsible for government finance policy and management. The association is headquartered in Chicago, IL with offices in Washington, D.C.

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