On October 20th, the City accepted the Ohio Auditor of State Award with Distinction for the City’s Comprehensive Annual Financial Report (CAFR), fiscal year ending 2019. The Auditor presents this award for exemplary financial reporting in accordance with Generally Accepted Accounting Principles (GAAP) presents the award. The Auditor of State is responsible for over 6,000 entities with less than 10% receiving the Auditor of State Award, and of those, only 5% receive the award with “Distinction”. The City has received the State Auditor Award with Distinction in nine of the last ten years.
Agencies receiving this award must have a clean report, with no significant deficiencies or findings, no material citations or weaknesses, no single audit findings (grant reporting), and no questionable costs. “The City continues to make a significant commitment to providing financially responsible budgets, culminating in this excellence in reporting annually,” stated Mayor Bob Stone. “The City’s residents should be proud of the City’s commitment to maintain these high standards that are recognized by outside organizations. The Ohio Auditor of State Award for nine consecutive years, coupled with the City receiving twenty-seven consecutive years of the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association demonstrates the City’s diligence in maintaining outstanding stewardship of residents’ taxes and its continual goal in reporting these results according to the highest government accounting standards now and in the future.”
Having this sound foundation of accounting excellence assisted in this unusual year when the City experienced the May 27th tornado event and will continue with the new challenges from the COVID-19 pandemic. The changes relate to the tracking all COVID-19 expenditures in compliance with Federal and State guidelines. These events are long-term adjustments the City has made that have tested the City’s financial resources now and into the future.
Financial reports can be found on the City’s website at www.beavercreekohio.gov.