The City of Valdosta Finance Department received the 2012 Distinguished Budget Presentation Award from the Government Finance Officers Association (GFOA) for meeting nationally recognized guidelines for effective budget presentation. This is the 17th consecutive year that the city has achieved the significant award, which also recognized Deputy City Manager for Adminstration Mark Barber for his instrumental role in preparing the city’s budget that adheres to GFOA’s high standards.
The GFOA Distinguished Budget Presentation Award is the highest form of recognition in governmental budgeting . In order to receive the honor, the Finance Department had to publish a budget document that meets program criteria as a policy document, an operations guide, a financial plan and a communication device.
“The City of Valdosta and the men and women of the Finance Department are pleased to once again receive this distinguished award and are committed to continuing the tradition of excellence in properly managing the city’s funds,” said Barber.
Last year, the city was also awarded the Certificate of Achievement for Excellence in Financial Reporting for the 26th consecutive year and expects to receive the award again later this year.
In addition to the GFOA award, the city recently received an unqualified or “clean” opinion on the presentation of its financial statements for Fiscal Year 2012. Wade Sansbury, partner with the city’s auditor Mauldin & Jenkins, presented a brief overview of the city’s audited financial statements at the March 21 Valdosta City Council meeting. Sansbury reported there were no financial statement findings and no single audit findings. The city’s total assets were $304.5 million, offset by $69.2 million in liabilities, which resulted in total net assets of $235.3 million at the end of the fiscal year. Also noteworthy is the fact that the city’s enterprise funds had $8.3 million in net operating cash flows, which indicates that it is charging adequate fees for its operations, according to Sansbury. As a result of the amount of federal funds the city had received for its wastewater plant improvements, five additional compliance-based audits were required, which also resulted in no findings and indicated that the city is managing its assets and liabilities in a financially responsible manner.