Recently the Village of Morton Grove received notice that it had been awarded The Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) for its comprehensive annual financial report (CAFR). The award is the highest form of recognition in the area of governmental accounting and financial reporting and represents a significant accomplishment by a municipality and its management. The GFOA is a non-profit professional association serving 17,500 government finance professionals.
This particular recognition is specific to the CAFR for Village fiscal year 2015. Every year a CAFR is formulated and filed in accordance with various federal, state and local laws and regulations. It reports the complete overall financial results for the year as well as associated historical data. The CAFR represents financial information that has been audited by an independent accounting firm. The Village’s Finance Director; Ms. Hanna Sullivan was primarily responsible for preparation of the award winning CAFR. Sullivan stated, “This award is gratifying in that it reaffirms our Village’s commitment to providing high quality services while controlling costs over time.”
In order to be eligible for the award, the CAFR was reviewed by an impartial panel and was determined to meet the high standards of the GFOA as well as the standards of the Governmental Accounting Standards Board (GASB). According to the standards, the report must demonstrate a “constructive spirit of disclosure” and clearly communicate a Village’s financial history and focus.