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City of Clarksville receives Award for Financial Reporting

June 11, 2016 | Email This Post Print This Post

City of Clarksville - Clarksville, TNClarksville, TN – For the second year in a row, the City of Clarksville has been awarded the Certificate of Achievement of Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA).

“I am very excited that the City has received this honor again this year,” said Clarksville Mayor Kim McMillan.

Clarksville City Hall

Clarksville City Hall

“I believe this is the first time in Clarksville’s history that we have received this prestigious certificate two years in a row. Our Finance Department works tirelessly to make sure we meet and exceed the accounting standards that apply to governmental entities. I couldn’t be more proud of their hard work,” stated Mayor McMillan.

The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting. Recipients are determined by an impartial GFOA panel that reviews annual financial reports. According to the GFOA, the City’s comprehensive annual financial report (CAFR) was judged to demonstrate “a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.”

“On behalf of the City of Clarksville’s Department of Finance, I am very honored and happy to receive this award because it is evidence that our commitment to transparency and exceeding accounting standards is being recognized,” said Laurie Matta, Chief Financial Officer. “My team strives to offer the very best service we can to the citizens of Clarksville.”

In other positive financial news, the City’s Gas, Water & Sewer Revenue bonds have been upgraded by Moody’s Investor Service from Aa3 to Aa2 and subordinate liens have been upgraded from A1 to Aa3. In upgrading the bonds, Moody’s cites “large service area and strong local economy experiencing modest growth” and “a well-managed financial position with sound debt service coverage and liquidity…”

“These awards and ratings are just further proof that our City’s fiscal plan and standing is very solid and very positive,” said Mayor McMillan.

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