The City of Cambridge has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA) for its fiscal year ending on June 30, 2022. This recognition, detailed on the City of Cambridge's official website, builds upon a 24-year history of AAA ratings from Moody’s Investors Service, S&P Global Ratings, and Fitch Ratings.
This GFOA award symbolizes the apex of achievement in governmental accounting and financial reporting, displaying a dedication to watch closely and report openly on fiscal matters. An impartial panel conferred the certification, having confirmed that Cambridge's financial report adhered to stringent GFOA criteria. This feat is further amplified by the fact that the city has also successfully earned the Distinguished Budget Presentation Award for 39 consecutive years.
These recognitions have significant implications for the Cambridge community. As stated by Yi-An Huang, Cambridge City Manager, the Certificate of Achievement indicates the city's commitment to maintaining transparent, accountable, and excellent financial management practices. These awards foster trust within the community and provide encouragement for sustainable growth and robust governance.
But these accolades represent more than the heralding of success; they serve every citizen with essential insights concerning the city's financial stability. Embracing the ethos of full disclosure, Cambridge has empowered its citizens with the necessary information for informed decisions regarding the city's financial health, thereby promoting meaningful interaction between the city and its residents. Such transparency anchors accountable public administration and instills collective responsibility and local pride.
On top of the Certificate of Achievement, the GFOA has also bestowed the Award of Financial Reporting Achievement (AFRA) upon the City of Cambridge. This accolade recognizes individuals or departments responsible for maintaining exceptional financial reporting practices within the city. Although the AFRA recipient remains undisclosed, this award speaks volumes about the dedication and meticulousness of Cambridge's Finance, Auditing, and Budget Departments and its city management team.
