2023 Annual Comprehensive Report

CERTIFICATE OF ACHIEVEMENT The City has participated in the Government Finance Officers Association of the United States and Canada (GFOA) Certificate of Achievement for Excellence in Financial Reporting program since 1975. Through the annual recertification process, the GFOA recognizes governmental units that issue their Annual Comprehensive Financial Report (annual report) substantially in conformity with the standards of the Governmental Accounting Standards Board. The City has received the Certificate of Achievement for forty-eight consecutive years, (1975 through 2022). We believe our annual report continues to conform to the Certificate of Achievement Program requirements, as an easily readable and efficiently organized financial report, and are submitting it to GFOA to determine its eligibility for this year’s Certificate of Achievement.

To conclude, a review of the financial statements of the City will indicate a sound financial position. The financial outlook for FY 2023-24 is stable; with moderate revenue growth forecasted and continued cost-saving measures. Present management efforts in long-range strategic and comprehensive planning should enable the City to generate adequate resources to meet future service demand levels, afford a stable financial position, protect the City's credit ratings, and maintain realistic tax burdens on the public. City staff is preparing to meet the challenges of the twenty-first century to exceed the expectations of citizens for service delivery. The preparation of this report on a timely basis could not be accomplished without the efficient and dedicated services of the Administration, Financial Reporting, Treasury and Accounting Divisions of the Financial and Administrative Services Department. We would like to express our appreciation to all personnel who assisted and contributed to the preparation of this report. We would also like to thank the members of the City Council for their interest and support in planning and conducting the financial operations of the City in a responsible

and progressive manner. Respectfully submitted, Taiwo Jaiyeoba City Manager Marlene Druga Finance Director

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