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The original item was published from 4/19/2016 12:14:29 PM to 4/19/2016 12:17:21 PM.

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Posted on: April 19, 2016

[ARCHIVED] CFPUA Awarded Certificate of Achievement for Excellence in Financial Reporting for 7th Straight Year

CFPUA Awarded Certificate of Achievement for Excellence in Financial Reporting
for Seventh Straight Year

Receives Government Finance Officers Association’s highest form of recognition in the areas of governmental accounting and financial reporting

FOR IMMEDIATE RELEASE

CONTACT: Mike McGill
(910) 332-6704
(910) 622-8472
Mike.McGill@cfpua.org
communications@cfpua.org

Wilmington, NC (April 13, 2016): For the seventh straight year, Cape Fear Public Utility Authority (CFPUA) is pleased to announce it has received a major award from the Government Finance Officers Association of the United States and Canada (GFOA). The GFOA’s latest honor - its Certificate of Achievement for Excellence in Financial Reporting – is being given to CFPUA for its work on its Comprehensive Annual Financial Report (CAFR). The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and GFOA states, “its attainment represents a significant accomplishment by a government and its management.”

CFPUA’s Comprehensive Annual Financial Report is presented in a manner that provides further accountability to customers bondholders, and other interested parties, by providing a more comprehensive report in lieu of the minimum basic financial statement requirements. An impartial GFOA panel judged CFPUA’s report to meet the high standards of its reporting program, including “demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the document.”

Late in 2015, Cape Fear Public Utility Authority also received the Distinguished Budget Presentation Award from the GFOA for its Fiscal Year 2015 budget. In order to receive the award, CFPUA had to satisfy nationally recognized guidelines for effective government budget presentation. The award, according to GFOA, “reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting.” In order to receive the award, CFPUA had to satisfy nationally recognized guidelines for effective government budget presentation.

“CFPUA is committed to transparently reporting essential information to our customers,” said Jim Flechtner, CFPUA’s Executive Director. “Our Finance staff prides itself on how it informs our customers, as well as our bond rating agencies and other key financial stakeholders, about our stewardship of CFPUA’s physical and financial assets.”

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Cape Fear Public Utility Authority (CFPUA) was formed by the City of Wilmington and New Hanover County to combine their water and sewer operations. It began operations on July 1, 2008. Today, the Authority serves more than 67,000 water customer accounts and more than 65,000 wastewater customer accounts. It oversees more than one thousand miles of water distribution mains and nearly one thousand miles of sewer mains. For more information, visit www.cfpua.org or contact Mike McGill, Chief Communications Officer, at mike.mcgill@cfpua.org or 332-6704.

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