For the 23rd consecutive year, Paducah has been awarded a certificate of achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report based on the fiscal year ending June 30.
The award is presented by the Government Finance Officers Association of the United States and Canada, a nonprofit professional association serving about 17,500 government finance professionals. Paducah is one of 14 cities in Kentucky that compiles a report for review and grading.
"The Comprehensive Annual Financial Report is one way that the city of Paducah can be transparent to its citizens," said finance director Jonathan Perkins. "It is a voluntary document that takes significant effort to compile. This award is a tribute to the hard work by a great team of employees in the Finance Department."
The city has had its rating reaffirmed twice this year during the refinancing of two bonds. In May, the city refinanced the 2010 Build America Bond, leading to $380,000 in interest savings.
At Tuesday's commission meeting, the city approved the refinancing of the 2005 Police and Fire Fighter Pension Fund Unfunded Pension Liability General Obligation Bond. The bonds will be sold July 9 with an estimated interest savings of $200,000 over the remaining life of the bond.
Since 2010, the finance department has taken advantage of low interest rates and coordinated the refinancing of four bonds, leading to approximately $2.2 million in interest savings.
The city's comprehensive annual financial report is divided into introductory, financial, statistical and single audit sections. The statistical section tracks 10 years of data. The most recent CAFR, in addition to previous 11 editions, can be found at www.paducahky.gov.
Since the early 1990s, the city has commissioned Janice Crosno of Paducah to provide a pen and ink drawing for the cover page of each report. For 2013, Crosno drew the West Kentucky Mausoleum, located in Oak Grove Cemetery. Previous drawings include West Kentucky Community & Technical College, Market House Theatre and the Tilghman House Civil War Museum.