An international organization representing financial officers in the U.S. and Canada honored the Monroe Finance Department with its Excellence in Financial Reporting Award. The Government Finance Officers Association bases the award on municipalities’ successful completion of the Comprehensive Annual Financial Report (CAFR).
“This is the third consecutive year that Monroe’s Finance Department has received this award, confirming the strong leadership of Finance Director Ron Bunovsky and Deputy Director Heidi Meade,” First Selectman Ken Kellogg said. “The award confirms Monroe meets the high standards for financial reporting and the spirit of full disclosure and clear communication.”
All towns must file an annual financial report with the state of Connecticut. Bunovsky said the CAFR provides additional details and information, which is not required.
“Three years ago, we decided to do a CAFR,” he said. “Not all towns do it, but a lot of towns do. It’s not necessary, but it adds a level of credibility to your financial reporting.”
Bunovsky said the financial statements are audited by the auditors, then sent to the Government Finance Officers Association, which provides an additional review of the audit and the CAFR, to ensure it meets all of the standards.
When the CAFR meets all of the requirements the GFOA awards a Certificate of Achievement, said Bunovsky, adding he is proud of his office for the additional work the staff takes on to complete the CAFR.
Of taking the extra step to keep Monroe’s fiscal house in order, Meade said, “we’re here to serve the taxpayers.”