COVINGTON, Ky. - When investors, creditors, bankers, and leaders want to get a thorough look at a City’s finances, they look to its “caffer.”
The Comprehensive Annual Financial Report, or CAFR, is an extremely detailed book that - in the words of those who compile it - “includes all statements and disclosures necessary for the reader to obtain a thorough understanding of the City’s financial activities.”
Covington’s most recent 164-page CAFR, for the 2018-19 fiscal year, is so thorough and so easy to read that - for the 27th time in 28 years - it has received the largest professional organization’s highest honor.
Or, more technically speaking, the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada, or GFOA.
An impartial panel deemed Covington’s report -- which can be seen HERE
and was compiled by the City’s Finance Department -- had demonstrated “a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the CAFR,” according to the GFOA.
“We expect to win this award every year, but it’s still a big accomplishment because it measures our attention to detail,” Assistant Finance Director Jerome Heist said. “It’s really something the entire staff at City Hall worked on - everybody has their part.”
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