CITY'S FINANCIAL REPORTING HONORED AS AUDITS BEGIN.Byline: Enrique Rivero Daily News Staff Writer The city has received an award for its financial reporting, even as it undertakes a City Council-ordered audit of its statements. Last month the city won the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada ``for its comprehensive annual financial reporting.'' Finance director Bob Biery said the award is a real feather in his staff's collective cap. It will also benefit the city in a real way, he said. ``To me, it's nice from the standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the that we're being recognized and meeting or exceeding these standards,'' Biery said. ``For the city, it's beneficial when we go to the bond market.'' The award was presented for last year's financial statement, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Biery, who also received an Award of Financial Reporting Achievement as the individual primarily responsible for the report. The nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. Government Finance Officers Association serves more than 12,600 finance professionals. According to the association, ``the Certificate of Achievement is the highest form of recognition in the area of governmental accounting Governmental accounting is an umbrella term which refers to the various accounting systems used by various public sector entities. In the United States, for instance, there are three levels of government which follow different accounting standards set forth by independent, private and financial reporting, and its attainment represents a significant accomplishment by a government and its management.'' Ironically i·ron·ic also i·ron·i·cal adj. 1. Characterized by or constituting irony. 2. Given to the use of irony. See Synonyms at sarcastic. 3. , the city received the award in part for demonstrating the ``spirit of full disclosure'' to clearly communicate its financial story and motivate potential users and user groups to read the comprehensive annual financial report. The city recently hired the accounting firm Price Waterhouse to audit the proposed $75 million Hill Canyon Wastewater Treatment Plant Wastewater treatment plant also called wastewater treatment works
Other council members have said they agreed to the audit to restore public confidence eroded e·rode v. e·rod·ed, e·rod·ing, e·rodes v.tr. 1. To wear (something) away by or as if by abrasion: Waves eroded the shore. 2. To eat into; corrode. by the two councilwomen's accusations. Zeanah said that the audit of the wastewater treatment plant will give council members information they already have. She has been calling for a fuller accounting that gives a picture of the city's overall financial health. Award or not, Zeanah still thinks the city's accounting practices are neither ``timely'' nor ``meaningful.'' ``I don't want to take anything from staff for getting this award. To put it in perspective, this is bureaucracy judging bureaucracy,'' she said. |
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