For the 28th consecutive year, the Government Finance Officers Association of the United States and Canada has awarded the city of Paducah the Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report. The CAFR, a voluntary document compiled by the city for review and grading, includes the city's audit and various financial and statistical reports.
Paducah's recent award is for the fiscal year that ended June 30, 2018. According to the GFOA, the Certificate of Achievement represents a significant accomplishment by a government and its management and is the highest form of recognition in the area of governmental accounting and financial reporting.
A section of the letter from GFOA Technical Services Director Michele Mark Levine to the city of Paducah announcing the award reads, "Congratulations for having satisfied the high standards of the program. We hope that your example will encourage others in their efforts to achieve and maintain an appropriate standard of excellence in financial reporting."
City Manager Jim Arndt said, "This achievement is a direct reflection on how the city of Paducah embraces the value of fiscal responsibility. We actively pursue this award and compile the documents as part of our commitment to transparency and our quest to share Paducah's financial story."
Finance Director Jonathan Perkins added that the award "validates the continuous efforts we place into financial reporting and financial management."
"Government accounting rules are complex and extensive. I'm proud of the city of Paducah and especially the Finance Department staff in rising to the challenge of implementing rigorous national standards," Perkins said.
Perkins added this internationally recognized award is one element necessary for the city to maintain a strong S&P bond rating of AA-.
In addition to the financial reports, the CAFR includes an artistic element on the cover. Since the early 1990s, the city has commissioned Janice Crosno of Paducah to provide a pen and ink drawing of a site unique to Paducah. Crosno drew a barge on the Ohio River for the most recent CAFR. The drawings are displayed in the finance department at City Hall.
To read the CAFR, visit http://paducahky.gov/city-audit-comprehensive-annual-financial-report.