The Finance Department at the Town of Oliver has once again been awarded for the quality of its financial reporting, an award it has won consecutively since 2012.
The Canadian Award for Financial Reporting has been awarded to Town of Oliver by the Government Finance Officers Association of the United States and Canada (GFOA) for its annual financial report.
The award was established to encourage municipal governments throughout Canada to publish high-quality financial reports and to provide peer recognition and technical guidance for officials preparing these reports.
"It's a standard that municipalities try to strive for, just going a little bit beyond what the minimum requirements are for generally accepted accounting principles for statements," said Wayne Anderson, Chief Financial Officer for the Town of Oliver.
The award was presented to Anderson and Connie Magoffin, Deputy Finance Officer on behalf of the entire Finance Department at the May 23, 2023 Committee of the Whole Meeting.
Speaking to the Times Chronicle, Anderson laughed that because this is his first year in the role he's actually accepting it on behalf of the previous CFO, who was only in the position for 10 months and as such had accepted an award on behalf of the CFO before him.
The annual financial report has been judged by impartial Canadian Review Committee members to meet the high standards of the program. This includes demonstrating a constructive “spirit of full disclosure” designed to clearly communicate the municipality’s financial story and to motivate potential users and user groups to read the report.
On a more practical level Anderson says the award "makes people feel comfortable I think, that the information that was communicated was clear and understandable, not just a bunch of accounting jargon." That is a key part of the award criteria he notes.
It's made up of "meaningful information, with charts and graphs and we try to build a picture so people can more relate it to their personal finances."
The Government Finance Officers Association (GFOA) advances excellence in government finance by providing best practices, professional development, resources, and practical research for more than 21,000 members and the communities they serve.