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The City of Jackson has received the Government Finance Officers Association award for the Comprehensive Annual Financial Reporting or CAFR, for fiscal year ending in 2018. The GFOA represents federal, state/provincial and local finance officials within the United States and Canada. Their mission is to advance and support excellence in public financing.
An unbiased panel measured the high standards of the CAFR program to the CAFR submitted through the City of Jackson, by Finance Director Phil Hones. Besides excellent financial reporting, the judges look for transparency in the financial documents, which includes indicating a “spirit of full disclosure” to clearly communicate its financial story and motivate people to read the CAFR. “This is great for the City as a whole because it improves our bond rating”; says Finance Director Phil Hones. Bond Ratings are letter grades assigned to bonds that indicates good or bad credit for an entity like the City of Jackson. Having a strong bond rating gives the City opportunities to pay back interest at lower rates. “We are honored to have our work recognized,” said Hones.
The CAFR program results are posted annually six months after submission of the CAFR. To qualify, the report must be comprehensive and include all funds of the entity. In addition the submission must include a third party auditor’s report on the impartial presentation of the financial statements. The City of Jackson’s Finance Department went above the local, state and federal minimum requirements for annual reporting to offer true transparency of the City of Jackson’s finances.
This 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 the City of Jackson leadership.