Rochester Hills, Michigan– The city was recently applauded for their transparency efforts, having released a brand new, resident-friendly Comprehensive Annual Financial Report (CAFR) that focuses on providing a clearer picture of the city’s financial status.
The CAFR is meant to give citizens a better understanding of their local government’s finances, although in its previous format it had the opposite effect. In an effort to shift the paradigm, the Government Finance Officers Association (GFOA) established the Financial Summary Reporting Award program to encourage and assist local governments in summarizing certain information from their more complicated Comprehensive Annual Financial Report (CAFR) into a financial report designed to be easily understood by the general public. More than 140 governments participate in the award program annually.
“We wanted to make the Comprehensive Annual Financial Report (CAFR) more accessible to our residents. Our intent was for our citizens to understand the city’s financial condition without having to be a CPA or a Public Finance Officer,” said Keith Sawdon, Finance Director. “This was our first attempt at producing the report, and we are very pleased that GFOA has recognized our efforts.”
“We are honored and proud to have been recognized nationwide for this achievement in leading local government transparency,” states Bryan K. Barnett, Mayor. “This continues to be an overarching goal of this administration.”
Residents can review the Financial Summary Report by visiting the Fiscal Department’s webpage at RochesterHills.org. For more information, please contact Keith Sawdon, Finance Director at (248) 841-2535.
Established in 1984, the City of Rochester Hills is a prosperous community offering residents and businesses superior services. Voted one of the top places to live by several sources including CNN Moneymagazine and RelocateAmerica.com, Rochester Hills is committed to sustaining its position among the nation’s preeminent places to live, work, and raise a family. Through the city’s focus on health, education, and technology, the community continues to attract forward-thinking leaders and businesses.
About Tom and Ann Gendich