Kingsport taxpayers and ratepayers can rest assured that their tax dollars are being managed wisely. For the 20th year in a row, the City of Kingsport Finance Department is bringing home the Certificate of Achievement for Excellence in Financial Reporting, awarded this year for the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2019.
“I would like to thank all of the employees of the Finance Department for their diligence, commitment and long hours worked to put together an award-winning CAFR,” said City Recorder/CFO Sid Cox. “Receiving this award demonstrates to our citizens and customers that their city is being financially managed and reported using the highest standards.”
Only 6.8% of all cities and counties receive this prestigious award given by the Government Finance Officers Association (GFOA). The CAFR has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.
The CAFR document is a detailed review of city government (including schools, utilities, and economic development). It covers 37 separate funds and all manner of financial issues from debt to assets.
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 government and its management.
“This is a true team effort that involves not only city staff members, but also the Board of Mayor and Aldermen,” Cox said. “We are thankful to the BMA for providing us with the resources to achieve this goal.”
To view the CAFR, please click here.