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TC News & Information

Posted on: March 1, 2021

Finance Receives Certificate of Achievement in Financial Reporting

TCGFOA News Flash

Chicago, IL (March 04, 2021) – Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to Town of Trophy Club for its Comprehensive Annual Financial Report (CAFR) for the fiscal year ended September 30, 2019 (FY 19). The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, Illinois, and Washington, D.C.

Each year the Government Finance Officers Association (GFOA) of the United States and Canada present a Certificate of Achievement for Excellence in Financial Reporting to those governmental units whose annual financial reports are judged and adhere to program standards. In order to be awarded the Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized Comprehensive Annual Financial Report (CAFR), whose contents conform to program standards. Such reports should satisfy Generally Accepted Accounting Principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. 

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.

“We’re extremely proud of the Finance Departments' tremendous accomplishment in receiving the Certificate of Achievement in Financial Reporting.  It’s the highest form of recognition in governmental accounting and financial reporting the Town can achieve,” said Mayor Alicia Fleury. “Our success is a testament to the Town’s commitment to financial transparency and to our Town employees who work tirelessly to ensure that our financial reporting conforms to the highest standard.”

The Town’s Finance Department is required to produce a CAFR to provide the public with a detailed account of the Trophy Club’s expenditures and its financial condition. Additionally, the financial statements undergo an independent audit and an auditor’s report is included in the financial section of the report for further transparency. The CAFR helps the Town establish financial transparency regarding the use of residents’ tax dollars and builds credibility with creditors and oversight agencies, which assists with securing bonds and other agreements.

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.

View a copy of the Official Award Announcement for Trophy Club Receiving the Certificate of Achievement for Excellence in Financial Reporting.

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