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“The Government Finance Officers Association [GFOA] established the Certificate of Achievement for Excellence in Financial Reporting Program (CAFR 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 to recognize individual governments that succeed in achieving that goal. Reports submitted to the CAFR program are reviewed by selected members of the GFOA professional staff and GFOA Special Review Committee (SRC), which comprises individuals with expertise in public-sector financial reporting and includes financial statement preparers, independent auditors, academics, and other finance professionals. Each CAFR is reviewed 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.”
Bell, California was a 2008 winner of the Certificate of Achievement for Excellence in Financial Reporting (this is the most recent year GFOA has awarded) and a 2007 winner of both the Distinguished Budget Presentation Award and the Certificate of Achievement for Excellence in Financial Reporting.
Perhaps, the criteria for these “distinguished national awards” should be re-examined.