City Finance Department Receives Third GFOA Award in Six Months
Jan. 21, 2022
The City of Albuquerque’s Department of Finance and Administrative Services (DFAS) has been awarded the Government Finance Officers Association’s (GFOA) Certificate of Achievement for Excellence in Financial Reporting. This is the third time in six months that the GFOA has recognized DFAS for their accomplishments in reporting and budgeting.
“The finance team in City Hall is setting the bar high for fiscal responsibility and transparency in city government,” said Mayor Tim Keller. “Their hard work has resulted in a City—and city services—that did not shut down due to the pandemic, and they continue to adeptly manage taxpayer dollars so we can make investments in our City’s recovery and community priorities.”
According to the GFOA, 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 City’s annual report for fiscal year 2020 was 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 users to read the report.
"We are pleased the GFOA has recognized the City of Albuquerque with another distinguished award,” said Chief Financial Officer Sanjay Bhakta. “We understand and appreciate the importance of fiscal transparency, and once again our staff, under the leadership of City Controller Donna Sandoval, has worked diligently to complete accessible and timely reports for the people of Albuquerque.”
In addition to the Certificate of Achievement for Excellence in Financial Reporting, the GFOA also recognized DFAS with a Distinguished Budget Presentation award twice in 2021. The City of Albuquerque also holds a ‘AAA’ rating from Standard & Poor’s (S&P)—the highest rating assigned by S&P Global Ratings, meaning the City’s capacity to meet its financial obligations is extremely strong.
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. The GFOA recognizes individual governments that prepare annual comprehensive financial reports that evidence transparency and full disclosure.