The Government Finance Officers Association of the United States and Canada (GFOA), an organization whose focus is to advance excellence in public finance, has awarded the Certificate of Achievement for Excellence in Financial Reporting to the city of Fergus Falls for its comprehensive annual financial report for the fiscal year ended December 31, 2019. 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. GFOA has been regularly awarding the city of Fergus Falls a Certificate of Achievement for Excellence in Financial Reporting since 1991.
“Let’s face it, annual budget reports don’t often generate great excitement amongst the general public,” says City Administrator Andrew Bremseth, “but the fact that our finance department has been receiving yearly recognition from GFOA for its ability to provide the public with an approachable financial report is worth celebrating.”
City finance director, Bill Sonmor says the award is important to his department and to taxpayers for a number of reasons. “It shows good management and the strength of our abilities. The award also exemplifies the clarity of our financials, which result in lower borrowing costs for us as a City.”
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.