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City of Albuquerque Earns High Honors for Excellence in Financial Reporting

Award indicates excellent financial transparency and management practices.

November 7, 2019

The City of Albuquerque has earned the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA). The City earned the award for its 2018 Comprehensive Annual Financial Report (CAFR) ending June 30, 2018. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

Mayor Tim Keller said, “As a Mayor who was formerly State Auditor, the City’s financial transparency and accountability are fundamental values. It’s important for the public to be able to access and easily understand how their taxpayer money is collected and spent, and our staff work hard to make that a priority.”

“Excellence in Financial Reporting is a mark of transparency and a signal of how seriously our team takes full and clear disclosure in financial reporting,” said Chief Financial Officer Sanjay Bhakta. “We are committed to being good stewards of public funds.”

The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program (CAFR Program) in 1945. It encourages 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 to recognize individual governments that succeed in achieving that goal. The goal of the program is not to assess the financial health of participating governments, but rather to ensure that users of their financial statements have the information they need to do so themselves.

The award was presented to Mayor Tim Keller and the City of Albuquerque’s Department of Finance and Administrative Services. The CAFR was judged by an impartial panel to meet the high standards of the program, which includes 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 City of Albuquerque’s 2018 fiscal year CFAR is available
here.