Township Receives 25th Consecutive 'Excellence in Financial Reporting' Award
For the 25th consecutive year, the Township of Lower Merion has been awarded a Certificate of Achievement for Excellence in Financial Reporting. The award, given by the Government Finance Officers Association of the United States and Canada (GFOA), notes the excellence of the Township’s Comprehensive Annual Financial Report (CAFR) for the year ending December 31, 2017.
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.
"This tradition of strong, transparent financial management is significant for Lower Merion, and carries with it national recognition,” said Eric Traub, the Township’s Chief Financial Officer. “Given constantly changing accounting standards, even with a quarter century of consecutive CAFR awards, the hard work and diligence that goes into this annual accomplishment is noteworthy for the staff of the entire Finance Department, as well as the Board of Commissioners.”
For the 2017 fiscal year, Lower Merion again achieved the distinction of earning both of the GFOA’s financial reporting awards—the Certificate of Achievement for Excellence, and the Distinguished Budget Presentation award.
The Township’s 25 consecutive CAFR awards and 30 consecutive Budget Presentation awards represent one of the longest combined records for municipalities. There are more than 2,500 municipalities in the Commonwealth and less than 1% receive the annual CAFR award.
The Lower Merion Township CAFR was judged by an impartial panel and found to meet the high standards of the program, including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR. Citizens are encouraged to review this document, which is posted on the Township’s website, www.lowermerion.org.
The GFOA is a nonprofit professional association serving some 19,400 government finance professionals, with offices in Chicago, Illinois, and Washington, D.C.