City of Santa Monica Awarded the Certificate of Achievement for Excellence in Financial Reporting

November 22, 2022 1:47 PM

SANTA MONICA, Calif. – The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to the City of Santa Monica for its annual comprehensive financial report for the fiscal year that ended June 30, 2021. The report has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the report.

The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. The City of Santa Monica has received this award each year for the last 38 years.

The City received the award for accounting and reporting work reflecting an extraordinarily difficult year, when the impacts of COVID-19 included historic revenue loss, department restructuring, staff cuts, and the incorporation of several new programs that require additional monitoring and reporting. The City’s strong fiscal management allowed for the quick response to these challenges.

The City continues to carry a AAA credit rating, the highest rating of financial health for an organization, from all three major credit rating agencies. In affirming the rating, the agencies noted the City’s strong fiscal management even during the pandemic struggles.

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Constance Farrell
Communications & Public Information Manager


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