Kingsport receives excellence award for financial reporting

For the 23 year in a row, the City of Kingsport’s Finance Department has received the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA).

Kingsport received the award for its Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2022. The report has been judged by an impartial panel to meet the high standards of the program, the GFOA said in its announcement.

“Receiving this award shows our citizens and customers that city finances are being managed well and reported using the highest possible standards,” said City Manager Chris McCartt. “I’d like to thank all of the employees in the finance department for their hard work and commitment to creating an award-winning ACFR.”

The ACFR is a detailed review of city government (including schools, utilities, and economic development). The document covers 36 separate funds and all manner of financial issues from cash flow to long-term debt to governmental assets.

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 and its management.

The GFOA established the ACFR Program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare annual comprehensive financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.

To view the city’s Annual Comprehensive Financial Report, visit www.kingsporttn.gov and search for “ACFR.”