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Central Arizona Project (CAP) has received the prestigious Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers' Association (GFOA) of the United States and Canada. The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government unit and its management.
CAP received the award for its comprehensive annual financial report for fiscal year 2011. This is the first time CAP has achieved this recognition, which acknowledges the efforts CAP makes to ensure its financial report clearly communicates the organization's financial story and motivates potential users to read a document that might otherwise be considered to be of interest only to accountants or investors.
"We are honored to receive this award," said Ted Cooke, CAP Assistant General Manager of Finance and Information Technology. "It recognizes our commitment to demonstrate a constructive 'spirit of full disclosure' regarding the finances and management of Central Arizona Project to our customers, stakeholders and other interested parties."
In order to receive this award, a government unit must develop and publish a comprehensive annual financial report that meets stringent criteria and demonstrates excellence in more than a dozen different judging categories.
The receipt of this award complements CAP's 9 GFOA Distinguished Budget Presentation awards covering 13 years.