County again wins award for financial reporting

Oakland County reached the milestone of attaining the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) 20 years in a row for its Comprehensive Annual Financial Report (CAFR). "A hearty congratulations to Tim Soave and his marvelous team in the Fiscal Services Division," said Oakland County Executive L. Brooks Patterson. "The time and effort that go into creating our financial reports every year have ensured this annual recognition from the GFOA." In addition, the county received the Popular Annual Financial Reporting Award from the GFOA for its Popular Annual Financial Report (PAFR) for the 14th year in a row. These two awards help Oakland County retain its coveted AAA bond rating. When Patterson makes his annual bond rating presentation to Moody's Investors Services and Standard & Poors, he cites the county's GFOA awards as evidence of Oakland County's fiscal excellence. The CAFR discloses the county's finances in full detail to anyone who wants to review them, particularly those who seek to invest in Oakland County. The GFOA awards the Certificate of Achievement for Excellence in Financial Reporting to governments "whose comprehensive annual financial reports achieve the highest standards in government accounting and financial reporting." Oakland County's Fiscal Services Division compiles its PAFR to summarize for taxpayers how the county spends their money. It is one of the ways the county works to make government transparent and accessible to its residents. The GFOA gives the PAFR award based on the creativity, presentation, ease of understanding and reader appeal of the financial report. Oakland County is a consistent winner of GFOA's three financial reporting awards. The county has captured 13 awards for Budget Presentation--an award Oakland County is eligible for once every three years because of the county's three-year budget cycle. "Producing these reports is clearly a division-wide effort," said Tim Soave, Fiscal Services manager. The Fiscal Services Division team which produces the CAFR and PAFR includes Division Chiefs Nancy Fournier, Penny Cremer and Lynn Sonkiss; Supervisors Diane Creguer, Carol Morin-Jablonski and Janet Ogden; and Grant Compliance and Program Coordinator Gaia Piir. To view Oakland County's 2010 CAFR, go to www.oakgov.com/fiscal/info_pub/2010_cafr.html. Or to view the county's 2010 PAFR, navigate to www.oakgov.com/fiscal/info_pub/2010_cafr.html. Published: Mon, Nov 14, 2011

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