Riverside noted for financial reporting

Riverside was recently awarded a Certificate of Achievement for Excellence in Financial Reporting for fiscal year 2007 by the Government Finance Officers Association (GFOA). This award marks the highest form of recognition available in government accounting and financial reporting. The GFOA has been engaged in this activity since 1945.

Riverside has attained this level of recognition 17 times in the last two decades. The GFOA’s review process consists of evaluating the village’s comprehensive annual fiscal report (CAFR) based upon a 75-page checklist for adherence to generally accepted accounting principles, legal requirements, transparency, readability and efficient organization.

Only 282 of 32,070 government units with a population of less that 10,000, or 0.88 percent, receive this award.

At the heart of each CAFR is an independent auditor’s report for the year. In addition to a review of the village’s financial records, each audit also includes a “fraud risk assessment” conducted separately by the auditor.

Riverside’s CAFRs for the last five years (all award winners) are readily available at the library or online.

Riverside can take pride in the fact that not only are its books well kept, with clarity and integrity, but this is a nationally recognized achievement that few communities attain.

Kevin F. Smith
Riverside