Trophy Club, TX (February 9, 2023) – Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to Town of Trophy Club for its Annual Comprehensive Financial Report (ACFR) for the 2021 fiscal year. The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, Illinois, and Washington, D.C.
Each year the Government Finance Officers Association (GFOA) of the United States and Canada present a Certificate of Achievement for Excellence in Financial Reporting to those governmental units whose annual financial reports are judged and adhere to program standards. In order to be awarded the Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized Annual Comprehensive Financial Report (ACFR), whose contents conform to program standards. Such reports should satisfy Generally Accepted Accounting Principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only.
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.
"We are tremendously proud of the Finance Department's remarkable achievement of receiving the Certificate of Achievement in Financial Reporting for the 10th year in a row. It is the highest level of distinction the Town can obtain in governmental accounting and financial reporting. Our achievement is a credit to the Town's dedication to financial transparency, as well as to our Town staff who work tirelessly to ensure that our financial reporting is of the highest standard." stated Town Manager Wade Carroll.
The Town’s Finance Department is required to produce a ACFR to provide the public with a detailed account of the Trophy Club’s expenditures and its financial condition. Additionally, the financial statements undergo an independent audit, and an auditor’s report is included in the financial section of the report for further transparency. The ACFR helps the Town establish financial transparency regarding the use of residents’ tax dollars and builds credibility with creditors and oversight agencies, which assists with securing bonds and other agreements.
“The TC Finance Team values the fiduciary responsibility entrusted in us. This certificate of achievement speaks to the dedication of our staff to provide true and transparent governance and it wouldn’t be possible without the support from our Town Council and the entire organization.” stated Director of finance April Duvall.
The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
To view more information as well as copies of the Town's Annual Comprehensive Financial Report, visit, www.trophyclub.org/ACFR To get more information about the Finance Department, visit www.trophyclub.org/finance or check out their new Investor Relations & Bond website here.
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