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City of Cambridge Receives Prestigious Recognition for Financial Reporting Excellence

City Hall at Night
City Hall at night

The Government Finance Officers Association of the United States and Canada (GFOA) has recognized the City of Cambridge for its outstanding financial reporting practices. The city's annual comprehensive financial report for the fiscal year ended June 30, 2022 has been awarded the prestigious Certificate of Achievement for Excellence in Financial Reporting.

The GFOA's Certificate of Achievement is the highest form of recognition in the field of governmental accounting and financial reporting. The report was judged by an impartial panel, which determined that it met the rigorous criteria set by the GFOA's program.

To earn this esteemed recognition, the City of Cambridge demonstrated a "spirit of full disclosure" in its financial reporting, effectively communicating its financial story to the community. The comprehensive report provides a clear and comprehensive overview of the city's financial health, enabling interested stakeholders to make informed decisions.

The City of Cambridge’s FY22 financial report can be accessed at Auditing - City of Cambridge, MA (cambridgema.gov).

"We are thrilled to once again receive the Certificate of Achievement for Excellence in Financial Reporting from the GFOA," said Cambridge City Manager Yi-An Huang. "This recognition is a testament to the hard work and dedication of our Finance, Auditing and Budget Departments, and the entire city management team. It signifies the City's commitment to transparency, accountability, and the highest standards of financial management.”

In addition to the Certificate of Achievement, the City of Cambridge has also been awarded the prestigious Award of Financial Reporting Achievement (AFRA). This award is presented to the individual or department primarily responsible for the city's exceptional financial reporting practices. The AFRA has been sent to the designated recipient as indicated on the application.

These certificates supplement the City’s long history of strong principles of governmental fiscal management, budgeting and transparency. As examples, the City has earned the Distinguished Budget Presentation Award for 39 consecutive years. Furthermore, the City has been awarded a AAA rating from Moody’s Investors Service, S&P Global Ratings, and Fitch Ratings for 24 consecutive years.

Page was posted on 11/17/2023 8:49 AM
Page was last modified on 12/19/2023 5:03 PM
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