Kingsport earns GFOA Excellence in Financial Reporting award for 22nd year
For the 22nd year in a row, the City of Kingsport’s Finance Department has received the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA) for its Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2021. The ACFR is a detailed review of city government (including schools, utilities, and economic development). The document covers 36 separate funds and all manner of financial issues from cash flow to long-term debt to governmental assets. The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. The GFOA established the ACFR Program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.