CHARLESTON, W.Va. – Cabinet Secretary Allan McVey of the West Virginia Department of Administration announced today that the Government Finance Officers Association of the United States and Canada (GFOA) has recognized several agencies within the Department for excellence in financial reporting. The Certificate of Achievement for Excellence in Financial Reporting was awarded by the GFOA to the Consolidated Public Retirement Board (CPRB) and the West Virginia Board of Risk and Insurance Management (BRIM). The Finance Division also received this award for its work completed on behalf of the state of West Virginia.
Each agency submitted an application based on its Comprehensive Annual Financial Report for the fiscal year ending June 30, 2020. The GFOA offers this prestigious award to state and local governments who go above and beyond the minimum requirements of generally accepted accounting principles to prepare financial reports that are transparent and contain the full disclosure of financial information. Obtaining the award represents a significant accomplishment by a government and its management.
“On behalf of Gov. Justice, I am privileged to once again recognize these agencies for the work they do on behalf of our state,” said Secretary McVey. “Having quality comprehensive annual financial reports allows the state to ascertain its financial forecast for future years. It also assures that the state has, at a minimum, internal financial controls and assurances in place that provide accountability and transparency to our citizens.”
This is the 26th year of receiving this honor for BRIM and the Finance Division and the ninth year for CPRB. The Comprehensive Financial Annual Report is judged by an impartial panel to meet the high standards of the program, including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users to read the annual financial report.
The GFOA is a major professional association servicing the needs of more than 20,000 appointed and elected local, state and provincial-level government officials and other finance practitioners. It provides top quality publications, training programs, services and products designed to enhance the skills and performance of those responsible for government finance policy and management.