City Receives Award for Excellence in Financial Reporting

​For the 43rd time, the City of Virginia Beach 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 annual comprehensive financial report (ACFR) for the fiscal year ended June 30, 2021.

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.

"To have been honored again with this prestigious award demonstrates the transparency of the City's financial position and proof that the City of Virginia Beach values excellence in financial reporting," said Letitia Shelton, director of Finance. "Members of the City's Finance Department work diligently to produce a 'yearbook' that paints an intricate portrait of the financial health of the City for citizens, bond investors and the general public."

The ACFR is required by the Code of Virginia and by the City Charter to publish at the close of each fiscal year a complete set of financial statements presented in conformity with generally accepted accounting principles and audited by a firm of independent certified public accountants.

The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure, and then to recognize individual governments that succeed in achieving that goal.

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.

Citizens may view the ACFR online at www.VBgov.com/finance or at any Virginia Beach Public Library location. For more information, call 757-385-4227.

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