Avon continues streak of financial excellence
The Certificate of Achievement for Excellence in Financial Reporting was awarded to the Town of Avon by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report (CAFR) for the year 2004.
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.
This was the fourteenth consecutive year that the town has received this prestigious award. The town recently submitted the financial report of 2005 with hopes of continuing the streak!
Avon staff recently presented the fiscal year 2005 CAFR to the town council. The report shows a healthier Avon compared to prior years.
An independent audit report, performed by Clifton Gunderson LLP, indicates the town’s total net assets increased by just over 4 million dollars and Avon now has an unreserved fund balance of just over 5 million dollars. The capital fund grew by just over 1 million dollars, which will leave the town with more options to enhance the community in the near future.
As a continuing practice, Avon kept its expenditures under the revenues it received during the 2005 fiscal year. “Such fiscally constrained practices allow us to respond to the range of economic influences that a resort community may likely experience,” said Avon Town Manager Larry Brooks.
The CAFR 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. The GFOA is a nonprofit professional association serving approximately 16,000 government finance professionals with offices in Chicago, IL and Washington, D.C.
Town Charter and State statutes require that the Town of Avon (Town) issue a complete set of financial statements presented in conformance with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed independent certified public accountants.