Saanich receives awards for budgeting and financial reporting
February 25, 2019
For immediate release
Saanich, BC – For the 12th consecutive year, Saanich’s Finance Department has received the Canadian Award for Financial Reporting from the Government Finance Officers Association (GFOA) for its 2017 financial statements. For the 10th consecutive year, Saanich has received the Distinguished Budget Presentation Award from GFOA for its 2018 to 2022 Financial Plan.
To achieve the Financial Reporting award, the annual financial report must meet the high standards set for:
- Conformance with generally accepted accounting principles and provincial requirements;
- Demonstration of compliance with finance-related legal and contractual provisions;
- Use of standardized terminology and formatting conventions;
- Disclosure thoroughness and detail sufficiency;
- Minimization of ambiguities and potentially misleading inferences;
- Cohesiveness and internal consistency;
- Responsiveness to prior year comments and suggestions for improvement; and
- Reader appeal.
The GFOA’s Distinguished Budget Presentation Awards Program is the only national awards program in governmental budgeting. Award recipients have pioneered efforts to improve the quality of budgeting and provide an excellent example for other governments throughout North America.
In order to receive the award, Saanich had to satisfy nationally recognized guidelines for effective budget presentation that assess how well the budget serves as a policy document, a financial plan, an operations guide and a communications device.
The GFOA is a major professional association, servicing the needs of more than 18,000 appointed and elected local, state and provincial level government officials and other finance practitioners. The GFOA’s Financial Reporting Award Program recognizes excellence in governmental budgeting, accounting and financial reporting. The program represents a significant accomplishment by a municipal government and its management.
Valla Tinney, Director of Finance