City Receives GFOA Budget Presentation Award
The City of Germantown has received a Distinguished Budget Presentation Award from the Government Finance Officers Association (GFOA). The City has received the award for each of the 35 years since the program was instituted in 1984, which demonstrates the City's consistent commitment to high reporting standards.
The award represents a significant achievement by the City. It reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting. In order to receive the budget award, the City has to satisfy nationally recognized guidelines for effective budget presentation. These guidelines are designed to assess how well the City's budget serves as: a policy document, a financial plan, an operations guide and a communications device. Budget documents must be rated proficient in all four categories, and in fourteen mandatory criteria within those categories, to receive the award.
When a Distinguished Budget Presentation Award is granted to an organization, a Certificate of Recognition for Budget Presentation is also presented to the individual(s) or department designated as being primarily responsible for having achieved this award. This has been presented to the City's Office of Budget and Performance.
There are over 1,600 participants in the Budget Awards Program. The most recent Budget Award recipients, along with their corresponding budget documents, are posted quarterly on the GFOA's website. Award recipients have pioneered efforts to improve quality of budgeting and provide an excellent example for other governments throughout the country.
"This award objectively affirms the fine work of our staff and especially our budget team,” said Mayor Mike Palazzolo. “Municipal budgets are extremely complex. The budget document is publication of the financial plan and clearly reflects the quality of the plan,” he added.