March 4, 2014
City of Kamloops receives award for financial reporting
Kamloops, B.C. - The City of Kamloops is pleased to announce it has been awarded the Canadian Award for Financial Reporting by the Government Finance Officers Association of the United States and Canada for a second consecutive year.
This program is specifically designed to encourage municipal governments throughout Canada to publish high quality financial reports and provide peer recognition and technical guidance for officials preparing these reports.
Top-quality financial reporting is essential if governments are to be fully accountable to their citizens and to others with an interest in the government’s finances.
The Business and Client Services Department worked closely with the Finance Department to prepare and then present the 2012 Annual Financial Report for consideration for this award. After being judged by an impartial review committee, the report was found to meet the high standards of the program, and to clearly communicate the City’s financial story and motivate readers to read the report.
Criteria for the award includes not only an easily readable and efficiently organized annual financial report, but should also go beyond the minimum requirements of generally accepted accounting principles. The municipality must demonstrate an effort to clearly communicate its financial picture, enhance understanding of its financial reporting, and address user needs. Additionally, once a municipality has received the award, a higher benchmark for criteria is set by the Association to ensure continuous improvement in reporting. The City of Kamloops responded to these higher standards to be recognized once again for its annual report.
“This award demonstrates our commitment to transparency in our organization and for our citizens,” said Kamloops Mayor Peter Milobar. “It contributes to our goal of fiscal accountability for our taxpayers, as outlined by the Council Strategic Plan. As a Council and organization, we are making continuous strides to involve and inform citizens of City finances and operations – from the City budget to planning for new projects.”