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The original item was published from 8/24/2018 2:42:12 PM to 9/8/2018 12:00:03 AM.

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Posted on: August 24, 2018

[ARCHIVED] Friendly Financial Report Receives National Recognition

Norfolk receives award for second year in a row

NORFOLK, VA – If you want an easy to read report of Norfolk’s financial activities, the Popular Annual Financial Report is for you.  In fact, the report just received the highest honor from the Government Finance Officers Association of the United States and Canada (GFOA) for fiscal year ending June 30, 2017.

The Award for Outstanding Achievement in Popular Annual Financial Reporting was awarded to Norfolk for high standards in governmental accounting and financial reporting.  The award recognizes Norfolk’s finances are soundly managed, transparent and the City’s reporting exceeds national guidelines. 

This is the second time the City has submitted its PAFR for consideration, and the second year the City received the elite award.  As a municipality, the city is required to produce audited financial statements and annually produce the more detailed Comprehensive Annual Financial Report (CAFR) document.  This document can be complex and difficult for residents to read and understand.  A PAFR is not a required document, but is considered a best practice designed to give residents an easy-to-understand overview of the City's financial position. 

You can view both award winning financial documents on www.norfolk.gov.  The City’s PAFR at https://www.norfolk.gov/Archive.aspx?AMID=128 and the Comprehensive Annual Financial Report is at  https://www.norfolk.gov/Archive.aspx?AMID=44.
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