Downey has been recognized for its superb handling of its finances, officials revealed recently.
The city was awarded the Certificate of Achievement of Excellence in Financial Reporting by an organization known as the Government Finance Officers Association (GFOA). The city was recognized for its excellence in preparing its Comprehensive Annual Financial Report (CAFR).
The certificate is the highest type of recognition available with regard to financial reporting and accounting by a local government, and winning this honor is a major accomplishment for any government, showing its excellence in financial management.
Mayor Rick Rodriguez said that Downey has always been committed to transparency in its financial dealings, as well as being a responsible financial steward, adding the GFOA award recognizes Downey's efforts to fulfill its aims.
An impartial panel judges a community's CAFR to see if it meets the program's high standards, which include communicating its financial position clearly, with full disclosure, and in a constructive spirit.
Blanca Pacheco, Downey's Mayor Pro Tem, added the award is a testament to the excellence with which Downey manages its finances. She went on to commend city officials for their hard work and exceptional leadership. Graphic design can be used to add honors like this to official Forms.
The GFOA is an association of about 19,000 professional local, state, and provincial government financial officers in both Canada and the United States.
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