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The original item was published from 2/14/2022 1:33:25 PM to 2/14/2022 1:34:22 PM.

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Posted on: February 14, 2022

[ARCHIVED] City of Victoria recognized for financial transparency, ethical accounting

Group photo of six people in the lobby of the Finance office.

PHOTO: The City of Victoria Finance office received the Certificate of Achievement for Excellence in Financial Reporting for fiscal year 2020 and was found to be in compliance with state accounting standards for fiscal year 2021.

The City of Victoria received its 38th consecutive Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association for its end-of-year financial report for fiscal year 2020.

The certification recognizes state and local governments that go beyond minimum accounting standards and reflect “the spirit of transparency and full disclosure,” according to the GFOA’s website.

The award tells bond rating agencies, bond investors and other financial entities that the City is committed to financial transparency, said Chief Financial Officer Gilbert Reyna. This helps the City to secure loans at competitive interest rates.

“The fact that we can provide detailed financial information helps these entities make informed decisions,” Reyna said. “Earning this award for 38 consecutive years is a tremendous reflection on the City’s commitment to financial excellence and transparency.”

The accounting firm Harrison Waldrop & Uherek certified that the City’s accounting practices for fiscal year 2021 follow State procedures for documentation and oversight. The City has been in compliance with these standards every year since Texas began requiring local government audits more than 50 years ago.

The City will submit Harrison Waldrop & Uherek’s audit for certification by the GFOA. If accepted, the audit will be the 39th consecutive City of Victoria audit to be certified by the GFOA.

To view the financial report and other documents related to City spending and investment, visit www.victoriatx.gov/finance. To view detailed information about planned spending for fiscal year 2022, visit www.victoriatx.gov/budget.

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