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The original item was published from 5/18/2023 12:35:00 PM to 6/30/2023 9:05:01 AM.

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Posted on: May 18, 2023

[ARCHIVED] City awarded certificate for excellence in financial reporting

A photograph of the City of Faribault logo.

The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to City of Faribault for its annual comprehensive financial report for the fiscal year ended Dec. 31, 2021.

This was the 31st consecutive year that the City has received this prestigious award.

In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized annual comprehensive financial report.   This report satisfied both GAAP and other applicable legal requirements. The report was judged by an impartial panel to meet the high standards of the 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 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 a government and its management.

“The preparation of this report could not be accomplished without the professional, efficient services of many dedicated people.  I would like to express my appreciation to all Finance Department personnel for their dedication and professional contributions put forth throughout the year and during the audit and reporting process, especially Ann Remold, Assistant Finance Director,” said Finance Director Jeanne Schmuck. “I would also like to thank all City departments for their cooperation and ongoing support.  Further recognition goes to the Administrator, Mayor and the members of the Council for their interest and support in planning and conducting the financial operations of the City in a responsible and professional manner. The City’s excellent financial status is a tribute to these unified efforts.”


Government Finance Officers Association (GFOA) advances excellence in government finance by providing best practices, professional development, resources, and practical research for more than 21,000 members and the communities they serve.

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