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Posted on: February 13, 2020

Norristown honored by national government finance association for excellent financial reporting

GFOA_CAFR_Award

The Government Financial Officers Association of the United States and Canada recently announced it has awarded the Municipality of Norristown with its Certificate of Achievement for Excellence in Financial Reporting for the comprehensive annual financial report (CAFR) filed for Fiscal Year 2018. The certificate of achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents significant accomplishment by a government and its management.

The CAFR is a document compiled of financial and statistical statements outlining the economic condition of a municipality or governing body for the most recently completed fiscal year. It is mandated to be completed within 180 days from the close of the year (for Norristown that would be Dec. 31). The 2018 CAFR included statements of net position, activities, assets, liabilities, revenues, expenditures, and changes in fund balances for the municipality’s general fund and other governmental funds totaling more than $38 million. It also included explanatory notes to the financial statements as well as supplemental information about the municipality’s pension funds.

Municipal Director of Finance Norman D. Butts, Jr. and the finance team worked on the 2018 CAFR with the municipality’s independent auditors, Maillie LLP, and submitted the document in July 2019 for peer-review consideration of the GFOA’s financial reporting certificate.

Norristown is only one of two municipalities in Montgomery County to be awarded with both the GFOA’s Distinguished Budget Presentation Award (presented in Sept. 2019) and the Certificate of Achievement of Excellence for Financial Reporting.

“It is a goal of council and mine to have comprehensive financial reporting and transparency. We are very proud of the finance department for making this happen,” said Municipal Administrator Crandall Jones. “We are one of two municipalities in Montgomery County with the distinction of having the award for both budget and CAFR.”

Butts said it was a goal of his to earn the municipality the GFOA’s top two awards when he was brought on as director of finance in Dec. 2018.

“Working to get this award on behalf of our residents and taxpayers was a great team effort involving finance department employees and our auditors,” said Butts.

The 2018 CAFR documents the financial and developmental growth that has been ongoing in the municipality in the last few years including Main Street Economic Development Initiatives, land development projects and infrastructure improvement projects.

“Norristown continues to experience both residential and commercial growth thereby stimulating the private sector’s interest in the redevelopment opportunities available in the municipality,” reads a portion of the CAFR. “Norristown has invested general fund money, created public/private partnerships and received federal, state and county grant funds to advance its economic development potential – those efforts have been catalytic.

“Achieving the goal enunciated in Norristown’s motto ‘Committed to Excellence in community Service’ is only possible through a total team effort. In that regard, we extend our sincerest appreciation to the municipal council and all employees who strive on a daily basis to attain and maintain excellent results on behalf of the residents and taxpayers of Norristown.”

A copy of the municipality’s 2018 comprehensive annual financial report can be viewed here, or by going to www.norristown.org/190/Finance-Department.

About the Government Finance Officers Association: The Government Finance Officers Association (GFOA) advances excellence in government finance by providing best practices, professional development, resources and practical research for more than 20,500 members and the communities they serve.

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