For the eighth year in a row, the City of Bellingham has received a Certificate of Achievement for Excellence in financial reporting.
"This award assures our citizens and bondholders that the City uses accurate and sound accounting and financial reporting practices," Bellingham Finance Director John Carter said. "It demonstrates the high degree of quality financial management found throughout City government, especially among our accounting staff."
The City of Bellingham was recently honored with the Certificate of Achievement for Excellence in Financial Reporting in recognition of its Comprehensive Annual Financial Report (CAFR) for 2007.
Carter said the award is the highest form of recognition in the area of governmental accounting and financial reporting.
The annual financial report was judged by an impartial panel of GFOA members to meet the high standards of award achievement. These standards include demonstrating a constructive "spirit of full disclosure" to clearly communicate financial status and to motivate potential users and user groups to read the report.
Carter said the award is a factor that is considered by rating agencies when determining the City's bond rating. The City currently has a very favorable Aa3 bond rating from Moody's on its voted debt and an A1 rating on non-voted debt. The strong bond ratings allow the City to repay bonds it issues at lower interest rates.
The GFOA is a nonprofit professional association serving approximately 15,000 government finance professionals with offices in Chicago, Illinois, and Washington, D.C.
For more information, contact the Finance Department.
Published: Jan 13, 2009
