October 20, 2023

City Receives Award for Excellence in Budgetary Reporting

For the 37th time, the City of Virginia Beach received the Distinguished Budget Presentation Award by the Government Finance Officers Association of the United States and Canada (GFOA) for its annual budget for the fiscal year beginning July 1, 2023.

The Distinguished Budget Presentation Award is the highest form of recognition in the area of governmental budgeting, and its attainment represents a significant accomplishment by a government and its management.

To receive the award, the entity had to satisfy nationally recognized guidelines for effective budget presentation. These guidelines are designed to assess how well an entity's budget serves as a policy document, financial plan, an operations guide and a communications device. Budget documents must be rated "proficient" in all four categories, and in the 14 mandatory criteria within those categories, to receive the award.

A Certificate of Recognition for Budget Presentation is also presented to the individual(s) or department designated as being primarily responsible for having achieved the award. This has been presented to the City of Virginia Beach Budget and Management Services Department.

The submission of an operating budget and Capital Improvement Program is required by the Code of Virginia and by the City Charter for informative and fiscal planning purposes containing all contemplated expenditures and all estimated revenues.

The GFOA established the Distinguished Budget Presentation Awards Program in 1984 to encourage and assist state and local governments to prepare budget documents of the highest quality that reflects the guidelines established by the National Advisory Council in State and Local Budgeting and the GFOA’s best practices, and then to recognize the individual governments that succeed in achieving that goal.

Residents may view the budget documents online at virginiabeach.gov/budget or at any Virginia Beach Public Library location. For more information, call 757-385-8234.

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