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City Finance Department Awarded for Highest Principles of Governmental Budgeting

Government Finance Officers Association recognizes effective, quality budgeting efforts

July 9, 2021

The City of Albuquerque’s Department of Finance and Administrative Services (DFAS) has been awarded the Government Finance Officers Association’s (GFOA) Distinguished Budget Presentation Award. The award is given to entities that show commitment to meeting the highest principles of governmental budgeting, and satisfy nationally recognized guidelines for effective budget presentation.

“Our finance team in City Hall is making smart decisions that safeguard taxpayer dollars and put them to work for all of us, investing in community priorities like public safety, infrastructure, and public health,” said Mayor Tim Keller. “This award recognizes our team that was critical to maintaining the fiscal health of our city throughout the pandemic and into recovery, and that work will have a lasting impact on Albuquerque for years to come.”

The GFOA's Distinguished Budget Presentation Award represents significant achievement by the DFAS. The award’s guidelines set forth by the GFOA are designed to assess how well the governmental body's budget serves as:

  • A policy document
  • A financial plan
  • An operations guide
  • A communications device

Budget documents must be rated "proficient" in all four categories, and in fourteen mandatory criteria within the categories, to receive the award.

"We’re very pleased the GFOA is recognizing the City of Albuquerque with this prestigious award,” said Chief Financial Officer Sanjay Bhakta. “DFAS staff and management work very hard to ensure the City’s budget is fiscally responsible, making innovative financial decisions that have garnered national recognition.”

The City of Albuquerque also holds a ‘AAA’ rating from Standard & Poor’s (S&P)—the highest rating assigned by S&P Global Ratings, meaning the City’s capacity to meet its financial obligations is extremely strong.

There are over 1,600 participants in the GFOA Budget Awards Program. The most recent Budget Award recipients, along with their corresponding budget documents, are posted quarterly on GFOA's website. Award recipients have pioneered efforts to improve the quality of budgeting and provide an excellent example for other governments throughout North America.