LINCOLN–(News Release Nov. 30)–The City of Lincoln has received the Certification of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA). The award is for Lincoln’s Annual Comprehensive Financial Report for the fiscal year ending August 31, 2022. This is the 40th consecutive year Lincoln has been recognized.
GFOA’s Certification of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting.
“I am incredibly proud of our Finance team’s dedication to transparency and excellence in financial reporting. Governmental accounting standards have included some notable changes in the last several years and our team continues to rise to the challenge. This 40th consecutive Certification of Achievement from the Government Finance Officers Association reflects our unwavering commitment to maintaining the highest standards in governmental accounting on behalf of Lincoln residents,” City Finance Director Lyn Heaton said.
According to GFOA, 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. Each annual comprehensive financial report is reviewed using a checklist designed to determine compliance with both generally accepted accounting principles and program policy as established by the GFOA’s Special Review Executive Committee and the GFOA Executive Board.
A certificate is awarded only if there is consensus among reviewers that an annual comprehensive financial report substantially complies with both generally accepted accounting principles and program policy. The GFOA is a professional association serving the needs of more than 20,000 appointed and elected local, state and provincial-level government officials and other finance practitioners.