San Jose City Hall, 801 North First Street, Room 436, San Jose, CA 95110 (408)277-5131

City Wins Financial Excellence Award

San Jose -- The City of San José has been awarded the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report (CAFR). The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by the City of San José and its management.

"This award recognizes the financial integrity of San Jose’s financial team and the systems we have established to ensure sound financial management of the public’s money," said City Manager Del D. Borgsdorf. "It’s a mark of excellence in which the entire community should take pride."

The award means the Comprehensive Annual Financial Report, completed in September for FY 1998-99, has been judged by an impartial panel to meet the highest standards, one that includes demonstrating a constructive "spirit of full disclosure" to clearly communicate San Jose’s financial story and to motivate potential users and user groups to read the CAFR.

San Jose’s financial management team has improved the City’s budgeting process by annually completing an accurate year end accounting within less than 60 days. This improves the City’s ability to budget by providing more complete financial information in a timely manner, and is much faster than most other U.S. cities.

The GFOA is a nonprofit professional association serving approximately 14,000 government finance professionals with offices in Chicago, Illinois, and Washington, D.C.

# # # # #