Richmond awarded dual honours for financial reporting

24 March 2022

The City of Richmond’s excellence in financial reporting has been recognized once again with a pair of awards from the Government Finance Officers Association (GFOA) of the United States and Canada for its 2020 Annual Reports.

Each year, the City produces two documents pertaining to its annual report – the official, longer form annual report, meeting statutory financial reporting requirements established by the Province of BC, and a shortened version of the official report designed as a summary for broader public distribution. These reports support Council’s Strategic Plan 2018-2022 Strategic Focus Area priorities of sound financial management.

The City received the GFOA’s Canadian Award for Financial Reporting for its official 2020 annual report, and the Award for Outstanding Achievement in Popular Annual Financial Reporting for the summary report.

The Financial Reporting Award Program, established by GFOA, encourages municipal governments throughout Canada and the U.S. to publish high quality financial reports, and to go beyond the minimum statutory requirements, as set by the Public Sector Accounting Board of the Chartered Professional Accountants of Canada, to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure.

The Popular Annual Financial Reporting Awards Program encourages and assists local governments to extract information from their annual comprehensive financial report to produce high quality popular annual financial reports specifically designed to be readily accessible and easily understandable to the general public and other interested parties without a background in public finance.

Both versions of the City’s 2020 annual report are available online at www.richmond.ca/cityhall/finance/reporting/reports or from City Hall upon request.