News Published: Oct 8, 2018 - 5:07:00 AM

City of Bridgeport’s Finance Department Receives National Award for Excellent Financial Reports

By City of Bridgeport Mayor's office

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Bridgeport, CT – The Government Finance Officers Association (GFOA) of the United States and Canada has awarded the City of Bridgeport’s Finance Department with the Certificate of Achievement for Excellence in Financial Reporting presented to Kenneth Flatto, the Director of Finance, for its Comprehensive Annual Financial Report for Fiscal Year 2017 completed in January 2018.

“The Finance Department has set the bar of excellence in the work they do each day. Like all city departments, it is appreciated that they continue to strive for excellence for our city and its residents and are now receiving that recognition for their hard-earned efforts. I am very pleased with the Finance Department’s work and this accomplishment,” said Mayor Ganim

Proficient grades were earned in every category of judgement including governmental and proprietary fund financial statements as well as government-wide financial statement, statistical section, formatting, and other considerations. The Finance Department met and exceeded every criteria mark.

Finance Director Kenneth Flatto said, “I am thankful for this award of achievement. It truly means a lot to me and my department. This award goes to show that hard work does pay off.”

The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program (CAFR) in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal. The CAFR has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR. The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL and Washington, D.C.

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