“This certificate represents a significant accomplishment by Bradley County in the area of governmental accounting and financial reporting and symbolizes a spirit of full disclosure,” according to GFOA Director Stephen Gauthier, headquartered in Chicago.
Bradley County Mayor D. Gary Davis praised the work of his staff in earning another distinction.
“My staff works very hard to prepare a comprehensive county budget each year,” Davis said. “It’s rewarding to see our efforts acknowledged by the people at GFOA. I commend County Finance Director Lynn Burns and the staff, whose efforts ensure we conduct the county’s business in an ethical and professional manner.”
This award focuses on the audit for the county. As part of the process, auditors go through the budget to make sure items are being paid using the correct line items. Burns said the audit shows the actual numbers for the county, while the budget represents the projections from which the county works.
This is the second award the county has received this year from the association. The first was a presentation award for the 2010-11 fiscal year’s budget. Although the financial award does not have as many requirements as the budget presentation award, there are certain elements required.
Burns said the county’s financial statements must meet the documentation and auditing requirements of the Governmental Accounting Standards Board. These standards were implemented to bring uniformity to the government financial reporting process. Bradley County came into compliance with the standards in 2002, according to Burns.
GFOA began its award program in 1945 “to encourage and assist state and local governments to go beyond the minimum requirements of accounting principles,” according to a press release.
Through the award, the association also hopes to encourage full financial disclosure by county governments.