25 Jul La Mirada Awarded for Financial Stewardship

For the 30th consecutive year, the City of La Mirada was recognized by the Government Finance Officers Association of the United States and Canada (GFOA), for its outstanding financial management.  The City has been awarded the Certificate of Achievement for Excellence in Financial Reporting for its comprehensive annual financial report (CAFR).

“The award highlights the City’s ongoing efforts to meet the needs of the community through prudent financial management and operational efficiencies,” says Mayor Pro Tem John Lewis. “It also supports the City’s promotion of transparency and accountability by sharing this information and making it easily accessible to all.”

The Certificate of Achievement is the highest form of recognition for excellence in state and local government financial reporting and represents a significant accomplishment.

“We have a fiduciary duty to be judicious with taxpayers’ money,” says Councilmember Ed Eng.  “The Government Financial Officers Association Achievement Award validates the city’s track record of strong budgetary performance supported by sound management practices.  Looking ahead, the 2019-20 budget allocates the largest general fund expenditure toward public safety and reflects a rainy-day fund equivalent to 20% of the operating budget reserved for economic uncertainties.  To ensure we meet the city’s budgetary goals, the budget process includes quarterly updates, a midyear review, and a final review to council.”

“The City has a long-standing commitment to providing responsible financial stewardship and accurate reporting,” says City Manager Jeff Boynton.  “The award from the GFOA recognizes the City’s efforts to achieve this goal.”

The CAFR is judged by an impartial panel established by GFOA to meet the high standards of the program including demonstrating a constructive spirit of full disclosure to clearly communicate its financial story.

The Government Finance Officers Association represents public finance officials throughout the United States and Canada. The association’s more than 20,000 members are federal, state/provincial, and local finance officials deeply involved in planning, financing, and implementing thousands of governmental operations in each of their jurisdictions. GFOA’s mission is to advance excellence in public finance.

The City of La Mirada has also been recognized by others as well for its financial stewardship. In fact, this reputation was validated in a March 2018 report by State Senator John Moorlach, who placed La Mirada (#37) in the top 10 percent of California’s 482 cities for financial soundness. The high long-term financial rating and compliance with governmental accounting practices from independent auditors confirmed La Mirada as one of the most financially stable cities in the State.

Reprint: Discover La Mirada

Photo Credit: Joe Flores