The Government Finance Officers Association (GFOA) presented two distinguished awards to the Town of Frederick, recognizing their exceptional financial reporting and budgeting practices. These prestigious accolades, the Certificate of Achievement for Excellence in Financial Reporting and the Distinguished Budget Presentation Award highlight the Town's commitment to transparency, accountability, and effective financial management.
In March, the GFOA awarded the Certificate of Achievement for Excellence in Financial Reporting to the Town for its comprehensive financial report for the fiscal year ended December 31, 2021. An impartial panel evaluated the report and deemed it to meet the program's rigorous standards, including demonstrating a constructive "spirit of full disclosure." The Certificate of Achievement represents the highest recognition in governmental accounting and financial reporting. Additionally, Frederick was honored with the GFOA's Distinguished Budget Presentation Award in May. The Town satisfied nationally recognized guidelines for effective budget presentation, ensuring that the budget serves as a policy document, financial plan, operations guide, and communications device.
The Finance Department played a pivotal role in the achievement of these awards. This acknowledgment underscores the dedication and hard work demonstrated by Frederick’s awesome team!
The budget is a plan. It is a financial proposal that annually directs the provision of public services and facilities. This plan represents the Town Manager and Board’s commitment to provide for the most important citizen needs within the boundaries of available funds.
The money collected by the Town from taxes, grants, fees and many other sources to pay for this plan is called revenue. The money spent on salaries, materials and equipment to provide planned services and facilities is called expenditures. Fund Balance is the difference between assets and liabilities in governmental funds. In the State of Colorado, budgeted expenditures cannot exceed the amount of funds that the Town has available in revenues and fund balance per CRS § 29-1-103.