Town earns national designation
Published 11:08 am Wednesday, July 5, 2023
It was something they had been working towards ever since Dr. Scott Davis came to Farmville. The town manager made the announcement Wednesday that Farmville received a Certificate of Achievement for Excellence in Financial Reporting for their last audit.
And if you’re looking at those words and wondering what they mean, let’s explain. Just like any person, towns, counties and cities get checked when they look to refinance debt, take on new loans or make any changes involving money. Groups dealing with them look to one certificate first. If you don’t have it, that’s not a great start to the conversation. That would be a certificate of financial excellence, given out by the Government Finance Officers Association of the United States and Canada.
“If you go get a bond rating for an agency, they look at ‘have you achieved this,’” Davis said. “It’s one of those things that shows financial responsibility. It’s something to be proud of.”
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The certificate was given out for the town’s audit for the fiscal year that ended June 30. The report was judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the report.
“Our audit is graded on certain criteria to receive this award,” Davis said.
The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting.