Government Recognized for Spirit of Full Disclosure in Producing Identifiable Budget Surpluses and Deficit Eliminations
The Town of Oyster Bay has been awarded a Certificate of Achievement for Excellence in Financial Reporting. The recognition, awarded by the Government Finance Officers Association of the United States and Canada (GFOA), is the highest form of recognition in the area of governmental accounting and financial reporting. The Town was praised for its annual comprehensive financial report for the fiscal year ending December 31, 2022.
“This award represents a significant accomplishment by our Town and the way we have managed our finances,” said Town Supervisor Joseph Saladino. “Since taking office, my administration has eliminated $44 million in deficits inherited from the prior administration while producing budget surpluses and earning 8 credit rating upgrades from Wall Street – all while cutting property taxes and repaving more roads than ever before! We’re proud to earn this recognition and will continue practicing fiscal restraint to protect taxpayers.”
In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. The Town’s financial report is judged by an impartial panel to meet the high standards of the GFOA program, which includes demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the report.
The GFOA, founded in 1906, represents public finance officials throughout the United States and Canada deeply involved in planning, financing and implementing thousands of governmental operations in each of their jurisdictions. GFOA’s mission is to advance excellence in public finance.