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Paducah Receives Financial Reporting Award
By West Kentucky Star Staff
PADUCAH - The Government Finance Officers Association of the United States and Canada has awarded the City of Paducah the Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report.
 
Paducah’s recent award is for the fiscal year that ended June 30, 2019, and marks the 29th consecutive year the city has received the award. The CAFR, a voluntary document compiled by the City for review and grading, includes the city’s audit and various financial and statistical reports. 
 
City Manager Jim Arndt said the purpose of the Comprehensive Annual Financial Report is to provide accurate and meaningful information concerning the City’s financial condition and performance as verified by independent auditors. 
 
"I want to thank the team of financial experts in the City of Paducah Finance Department.  They are committed to being the best, and I want them to know how much I appreciate the work they do for Paducah.” Arndt said.
 
According to the GFOA, the Certificate of Achievement represents a significant accomplishment by a government and its management and is the highest form of recognition in the area of governmental accounting and financial reporting. 
 
“Government accounting rules are becoming more complex each and every year.  The City of Paducah, and especially the Finance Department staff, rise to the challenge of implementing such rigorous national standards. This is the 29th annual Government Finance Officers Association Certificate of Achievement for Excellence in a row earned by the City which demonstrates our continuous effort to get financial reporting and financial management right.” Finance Director Jonathan W. Perkins said.
 
Perkins added that this internationally recognized award is an essential element necessary for the City of Paducah to maintain a strong Standard & Poor’s AA- bond rating.  An excellent credit rating, like Paducah’s, is further evidence that the City is serious about how it manages financial matters.

Published 04:39 PM, Thursday Sep. 10, 2020
Updated 12:05 PM, Friday Sep. 11, 2020

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