For the third year in a row, the Town of Smyrna has been awarded by the Government Finance Officers Association of the United States and Canada (GFOA) with their Certificate of Achievement for Excellence in Financial Reporting for the Town's Comprehensive Annual Financial Report (CAFR).
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 Smyrna's Department of Accounting and Business Services, which is led by Gary F. Stulir.
The certificate recognizes the excellence of the Town's CAFR for the fiscal year ending December 31, 2011. The certificate standards include the demonstration of a "spirit of transparency and full disclosure" to clearly communicate Smyrna's financial story. Out of Delaware's 57 municipalities, only the Town of Smyrna and the cities of Dover, Newark, and Wilmington have received the award.
According to GFOA judging standards, each CAFR is reviewed using a checklist designed to determine compliance with both generally accepted accounting principles and program policy as established by the GFOA's Special Review Executive Committee and the GFOA Executive Board. Reviews are performed by GFOA staff and members of the GFOA's Special Review Committee, which comprises individuals from government, the public accounting profession, and academia who possess specialized expertise in governmental financial reporting, typically as a result of either preparing or auditing a CAFR that has received the Certificate of Achievement. Reviewers are never selected from the same state as the CAFR being reviewed or from the same firm that performed the independent audit.
The Government Finance Officers Association (GFOA) is a nonprofit professional association serving over 17,800 government finance professionals throughout North America.