City Recognized for Budget Preparation Efficiency
May 8, 2018
The City of Revere has received the Distinguished Budget Presentation Award for it’s current budget from the Government Finance Officers Associaition (GFOA).
“We are greatful for this recognition,” said Mayor Brian Arrigo, “This is a testament of our current financial strength as a community, especially since this announcement closely follows Revere’s historic bond rating upgrade and certification of 11.2 million in “Free Cash”.”
According to the GFOA, the award reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting. In order to receive the budget award, the City had to satisfy nationally recognized guidelines for effective budget presentation. These guidelines are designed to asses how well an entity’s budget serves as a poilicy document, a financal plan, an operations guide and a communication device.
Budget documents must be rated “proficient” in all four categories, and in the fourteen mandatory criteria within those categories, to receive the award.
There are over 1,600 participants in the Budget Award program. The GFOA states, “Award recipients have pioneered efforts to improve the quality of budgeting and provide an excellent example for other governments across North America.”