Virginia Beach receives award for excellence in financial reporting

Virginia Beach

A sparsely attended Virginia Beach Oceanfront May 15th 2020 (Chris Omahen/WAVY-TV)

VIRGINIA BEACH, Va. (WAVY) — For the 41st consecutive year, the City of Virginia Beach has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its Comprehensive Annual Financial Report (CAFR).

The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

The CAFR, established in1945, is required by the Code of the Commonwealth of Virginia and by the City Charter to publish at the close of each fiscal year a complete set of financial statements presented in conformity with generally accepted accounting principles and audited by a firm of independent certified public accountants.

In order to obtain the award, an 80-page technical questionnaire is completed by staff, and then the CAFR and the questionnaire are submitted to GFOA for review by three independent judges to ensure that the stringent requirements are met. 

“We are very proud to have been honored again this year with this prestigious award, which demonstrates the transparency of the city’s financial position”said Finance Director Alice M. Kelly.

“The award is proof that the City of Virginia Beach values excellence in financial reporting and providing users sound financial information.”

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