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June 27, 2018, 9:00 am

Richmond Wins Dual Honours Again for Annual Report

City of Richmond

RICHMOND - The City of Richmond’s excellence in financial reporting has been recognized once again with a pair of awards from the Government Finance Officers Association (GFOA) of the United States and Canada for its 2016 Annual Reports. It’s the eighth straight year that Richmond has received a pair of GFOA awards for its annual reports.

Richmond received the GFOA’s Canadian Award for Financial Reporting for the 15th consecutive year for its 2016 Annual Report. The City also received the association’s award for Outstanding Achievement in Popular Annual Financial Reporting for the eighth year in a row for its 2016 Annual Report highlights document. Richmond won this award by achieving program standards in creativity, presentation, understandability and reader appeal.

The City produces two documents pertaining to its annual report. The official, longer-form annual report meets statutory financial reporting requirements established by the Province of BC. The annual report highlights document is a shortened version of the official report and is designed for broader public distribution.

The financial reporting award program, established by GFOA, encourages municipal governments throughout Canada and the U.S. to publish high quality financial reports, and to go beyond the minimum statutory requirements, as set by the Public Sector Accounting Board of the Chartered Professional Accountants of Canada, to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure. 

The reports are reviewed by selected members of the GFOA professional staff and a review committee, which comprises individuals with expertise in Canadian public-sector financial reporting and includes financial statement preparers, independent auditors, academics, and other finance professionals.

The awards were formally presented to Council at its meeting on Monday, June 25.  Council also approved the new 2017 Annual Report. Both versions of that report are available online at www.richmond.ca/cityhall/finance/reporting/reports or from City Hall upon request.

 

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