The Government Finance Officers Association has awarded the City of Carmel a Certificate of Achievement for Excellence in Financial Reporting.
The honor comes as a result of the City’s comprehensive annual financial report, known as a CAFR.
THE GFOA says it is the highest form of recognition in the area of governmental accounting and financial reporting.
“We work hard as a city to responsibly manage finances and carefully account for multiple budgets and many complicated funding and revenue streams, all with a goal to diligently care for taxpayers’ money, to invest wisely and to be transparent about what we do with our tax revenues,” stated Mayor Jim Brainard. “While we constantly focus on long-range planning to build the best city in America to live, work and play, this report shows that we are also doing an excellent job in keeping track of the daily financial condition of the city.”
Carmel 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 potential users and user groups to read the CAFR,” according to the GFOA release.
On Nov. 14, Standard & Poors downgraded the City of Carmel’s long-term property tax credit rating from AA+ to AA, which is one notch lower, citing debt as a reason. The GFOA honor is because of financial reporting, but Carmel Clerk-Treasurer Christine Pauley said the honor should give residents of Carmel assurance that the city has a strong system in place to monitor finances and manage debt on a daily basis.
“This is a good housekeeping stamp that the city all along has had its financial books together,” Pauley said. “I believe the rating agencies will look at this when they do our credit ratings. This is great news. Our house is in order.”