Chino Valley Receives GFOA Award for Excellence in Financial Reporting
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Chino Valley Receives GFOA Award for Excellence in Financial Reporting
The Town of Chino Valley has received its first-ever GFOA Award for Outstanding Achievement in Popular Annual Financial Reporting (PAFR Award) for the fiscal year ended June 30, 2024. Each eligible report is reviewed by judges who evaluate the report based on strenuous criteria, including reader appeal, understandability, distribution methods, creativity, and other elements. The PAFR can be accessed directly by this link: https://issuu.com/chinovalleyaz/docs/pafr_fy_2023-24. The Town’s various financial reports are available on our website at www.chinoaz.net. It includes the Town’s Quarterly Financial Report, the Annual Budget, Tentative and Final Budgets by year, and the Annual Comprehensive Financial Report (ACFR)
The Town of Chino Valley, along with the Government Finance Officers Association (GFOA), is pleased to announce that the Town of Chino Valley has received its first-ever GFOA Award for Outstanding Achievement in Popular Annual Financial Reporting (PAFR Award) for its Popular Annual Financial Report for the fiscal year ended June 30, 2024.
This is the first time the Town of Chino Valley has ever received this prestigious award, and it represents a significant achievement by Chino Valley. In order to be eligible for the PAFR Award, a government must also submit its Annual Comprehensive Financial Report to GFOA’s Certificate of Achievement for Excellence in Financial Reporting Program and receive the Certificate for the current fiscal year. Each eligible report is reviewed by judges who evaluate the report based on strenuous criteria, including reader appeal, understandability, distribution methods, creativity, and other elements.
A Popular Annual Financial Report is a summary of a government’s financial activities, designed to be easily understood by the general public. It’s a simplified version of the government’s more detailed Annual Comprehensive Financial Report (ACFR). PAFRs aim to provide key financial information in a clear and concise manner, making it accessible to those without a background in government finance. Mayor Tom Armstrong was particularly pleased with this achievement and what it represents. “Not every town produces a Popular Annual Financial Report, and I am exceptionally proud that we created this version of our financial information for our residents,” stated Mayor Armstrong. “It’s my favorite version of our financial data as it is so easy to understand. Staff did a great job with this one.”
Finance Director Katie Pehl added this report to the Town’s reporting portfolio in the hopes that more residents would take the time to learn about the Town’s financial status if it were presented in an easy-to-read, visually pleasing, magazine-style format. Although the PAFR is a highly condensed version of the ACFR, only 16 pages instead of 134, it still presents all the Town’s important financial information, including revenues, expenses, debt obligations, and capital assets. It also includes community information, key accomplishments, and our future outlook communicated in text, graphs, pictures, and charts so residents can quickly get a clear sense of the Town’s financial strength and stewardship.
All the town’s various financial reports are available on our website at www.chinoaz.net. Under the Government tab at the top, select “Finance”, and then select “Financial Reports” from the menu at the right. The page includes the Town’s Quarterly Financial Report, the Annual Budget, Tentative and Final Budgets by year, the Annual Comprehensive Financial Report (ACFR), and the Popular Annual Financial Report (PAFR) for which the town won this most recent prestigious award. The PAFR can be accessed directly by this link: https://issuu.com/chinovalleyaz/docs/pafr_fy_2023-24.
Government Finance Officers Association advances excellence in government finance by providing best practices, professional development, resources, and practical research for more than 25,000 members and the communities they serve.