The Certificate of Achievement for Excellence in Financial Reporting has been awarded to the City of Benbrook by the Government Finance Officers Association of the United States andCanada (GFOA), for its FY 2013 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 its attainment represents a significant accomplishment by a governmental entity and its management.
Benbrook’s Finance Director, Sherri Newhouse, noted the accomplishment, "This marks the 30th year Benbrook has received this award. We believe our efforts to communicate clearly our financial story to our public helps us continually meet the high reporting standards of GFOA.”
The City’s CAFR has been judged by an impartial panel to meet the standards of the program, including demonstrating full financial disclosure and making the CAFRreadily available to the public.
In addition to the award, in September 2013, Standard & Poor’s Ratings Services (S&P) raised its rating on Benbrook’s general obligation (GO) debt two notches to AA+ from AA- based on S&P’s local GO criteria. The stable outlook reflects S&P’s opinion of Benbrook’s consistently strong financial profile, indicated by the City’s very strong budgetary flexibility and liquidity, supported by strong management practices.