Los Angeles – The Government Finance Officers Association (GFOA) recognized the City of Los Angeles with awards for two financial reports prepared by the office of City Controller Ron Galperin.
The Certificate of Achievement for Excellence in Financial Reporting was awarded to the Controller’s Financial Analysis and Reporting Division for its FY 2014-15 Comprehensive Annual Financial Report. This is the 21st year in a row that the City has won this honor.
And for the second year in a row, the Controller’s Office was recognized for its Popular Annual Financial Report -- a summary report that offers a graphic and easy-to-understand snapshot of the City’s finances, structure and operations. Controller Galperin released Los Angeles’s first Popular Report in his first year in office as a feature of his open data and transparency initiatives.
“The awards we are winning are a testament to the outstanding professionals in our Financial Analysis and Reporting Division,” said Controller Galperin. “Through their hard work and by using the latest technology, we are telling the story of the City’s finances accurately, thoroughly, and in ways that everyone can understand.”
In a letter to the Controller, GFOA Director Stephen J. Gauthier noted that “The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.”
Matthew Crawford, CFO of the Controller’s Office and Director of the Financial Analysis and Reporting Division, said he and his colleagues were humbled by the honor. “Our goal is always to be leaders in crafting useful reports that accurately detail the City’s finances,” said Crawford. “These awards make my team feel especially valued for the work we do.”
The Controller’s Office’s next financial report, the Preliminary Financial Report for FY 2015-16 (which ended June 30), will be released in September of this year.
About the Awards
The Government Finance Officers Association, founded in 1906, represents public finance officials throughout the United States and Canada.
Financial Reports are judged using a checklist designed to determine compliance with both generally accepted accounting principles (GAAP) and program policy as established by the GFOA’s Special Review Executive Committee and the GFOA Executive Board. Judging is performed by GFOA staff and members of the GFOA’s Special Review Committee, which comprises individuals from government, the public accounting profession, and academia who possess specialized expertise in governmental financial reporting.
Popular Reports are judged in five categories: reader appeal (10%), understandability (25%), distribution methods (7.5%) and other (e.g., creativity, notable achievement) (7.5%). The remaining 50% of the score is based upon overall quality and usefulness of the report.
Open data for City financials, including budgeted vs. actual numbers for revenues and expenditures, is available online at LAController.org. Regularly updated information on Special Fund uses and balances, Reserve Fund balances, and budget appropriations, adjustments, expenditures and revenues is also all maintained on LAController.org.