Burbank’s Financial Reporting Excellence

Recognising Excellence in Financial Transparency

The distinguished Government Finance Officers Association (GFOA) has once again recognised the City of Burbank. Receiving the Certificate of Achievement for Excellence in Financial Reporting, Burbank’s comprehensive efforts have not gone unnoticed. The award acknowledges their Annual Comprehensive Financial Report (ACFR) for the fiscal year ending June 30, 2023. Remarkably, this marks the 40th consecutive year that Burbank has been honoured by the GFOA. Such consistency is indeed something to be proud of.

Upholding High Principles in Governmental Accounting

In response to this honour, Mayor Nick Schultz expressed his gratitude. He highlighted the city’s unwavering commitment to the highest principles of governmental accounting. This includes maintaining accuracy and transparency in their financial reporting. As the Mayor stated, "Burbank’s longstanding recognition by public finance industry experts represents the City’s commitment to the highest principles." This achievement reflects the diligent efforts of the entire Finance Department.

A Testament to Team Dedication

Jennifer Becker, Director of Financial Services for Burbank, echoed this sentiment. She acknowledged that this award is a testament to their dedication to achieving the highest standards in financial reporting. "This is a proud moment for our team," Becker remarked, appreciating the support from Burbank’s community, City Management, and City Council.

The Role of the GFOA

Interestingly, the GFOA, established in 1906, aims to advance excellence in government finance. It provides best practices, professional development, resources, and practical research for over 21,000 members and the communities they serve. The ACFR, judged by an impartial panel, meets the high standards required to make financial stories clear and motivating. It serves as a valuable resource for future financial users and user groups.

The Spirit of Full Disclosure

Burbank’s ACFR was scrutinised for demonstrating a constructive "spirit of full disclosure." It clearly communicated its financial story, thereby motivating potential users to engage with the report. By adhering to these high standards, Burbank sets an example for other municipalities. Their commitment to transparency and accuracy in financial reporting is commendable.

Looking Forward

This award not only honours past achievements but also sets the standard for future efforts in maintaining transparency and accountability in government finance. The City of Burbank’s Finance Department continues to lead by example, showcasing their dedication and hard work in the realm of public finance.

For more insights into the significance of such awards and the principles of financial reporting, do explore the Government Finance Officers Association. Their resources and research continue to support members in achieving financial excellence across various communities.