City Receives Award for Excellence in Financial Reporting

For the 44^th time, the City of Virginia Beach has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its annual comprehensive financial report (ACFR) for the fiscal year ended June 30, 2022.

The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

“It has always been the City’s goal to show transparency in its financial position, indicating the financial health of the City for residents, bond investors and the general public,” said Director of Finance Letitia Shelton. “To receive this award for the 44^th time is proof that the City of Virginia Beach values excellence in financial reporting.”

The ACFR is required by the Code of Virginia and by the City Charter to publish at the close of each fiscal year and a complete set of financial statements presented in conformity with generally accepted accounting principles and audited by a firm of independent certified public accountants.

The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure, and then to recognize individual governments that succeed in achieving that goal.

The report has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the report.

Residents may view the ACFR online at virginiabeach.gov/finance or at any Virginia Beach Public Library location. For more information, call (757) 385-4227.