City recognized for excellence in financial reporting

The Government Finance Officers Association recognized the City of Galveston this week with a certificate of achievement for excellence in financial reporting, the highest form of recognition in governmental accounting.

The City of Galveston's Finance Department prepares an annual comprehensive financial report for each fiscal year to promote transparency in city government and spending. A panel found the report for fiscal year 2020 (the most recent submitted) met the high standards of the program. These standards include demonstrating a constructive "spirit of full disclosure" to effectively communicate its financial story and motivate potential users and user groups to read the report.

"The 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," the Government Finance Officers Association wrote in a statement.

The 177-page Annual Comprehensive Financial Report includes the city's financial statements, an independent auditor's report, the economic forecast for the city, and details spending in each area, among other things.

The Finance Department makes all financial documents available at galvestontx.gov/financialtransparency.