The Government Finance Officers Association of the United States and Canada has recognized the City of Kent with the Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report.
The award — Kent’s 23rd such honor — is for the fiscal year ended Dec. 31, 2016.
“The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting,” said Aaron BeMiller, finance director for the City of Kent. “This is a significant accomplishment for the city, and I would like to thank the Mayor, Council and CAO for all of the support they provide to the finance department, as well as the entire city, which empowers us to do our work correctly and to the best of our ability.”
The GFOA established the CAFR award in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.
The award comes just one month after the City of Kent received ratings upgrades from Moody’s and Standard & Poor’s. Moody’s upgraded the City of Kent’s issuer and limited tax general obligation ratings from A1 to Aa3 and upgraded the city’s consolidated local improvement district bonds from A2 to A1. The city’s ratings outlook is now stable. At the same time, S&P Global Ratings upgraded Kent’s utility system bond rating to AA/stable.