Press Release
City of Novi receives Distinguished Budget Presentation Award recognizing commitment to the highest principles of government financial reporting
Printer
Friendly Back to Press
Releases |
FOR IMMEDIATE RELEASE
NOVI, Mich., November 3, 2011 – The Government Finance Officers Association of the United States and Canada (GFOA) announced today the City of Novi, Michigan has received the GFOA’s Distinguished Budget Presentation Award for the 15th consecutive year. To receive the Distinguished Budget Presentation Award, the City of Novi satisfied nationally recognized guidelines for effective budget presentation which assess how well the City’s budget serves as a policy document, a financial plan, an operations guide, and a communications device. Nationwide, only 1,214 entities received the award for fiscal periods ending 2009, with only 37 being in Michigan. There are 1,858 units of local government in Michigan according to the Citizens Research Council of Michigan, making Novi one of the two percent of communities who earn this award.
“This
award represents a significant achievement and reflects Novi’s
commitment to meeting the highest principles of governmental
budgeting”, notes Finance Director, Kathy Smith-Roy. The award
is designed to assess how well a government's budget serves as a
policy document setting out both long and short term goals,
objectives and priorities.”
In addition to the Distinguished Budget Presentation Award, the City of Novi regularly earns recognition for excellent financial reporting. Commonly referred to as “the audit,” the financial reporting prepared by Novi staff is completed soon after the fiscal year closes to aid City leadership in policy making. The City of Novi is one of only two cities in the state to have filed the required reporting for fiscal year ending June 30, 2011 to the State of Michigan by October 31, 2011 according to the State of Michigan Treasury website.
The City of Novi has a long history of fiscal transparency, evidenced by televised Council and Commission meetings, public Budget Sessions, comprehensive website (with supporting materials for meetings), monthly Fiscal Fitness publication, and more. When the State of Michigan introduced the Economic Vitality Incentive Program (EVIP), Novi easily met the new state standards.
The Government Finance Officers Association is a nonprofit professional association serving 17,600 government finance professionals throughout North America, and has offices located in Chicago, Illinois and Washington, D.C.