City receives honors for investment policy, budget, financial reporting
VICTORIA, Texas- The City of Victoria has received the Investment Policy Certificate of Distinction from the Government Treasurers’ Organization of Texas in recognition of the City’s participation in the GTOT’s Investment Policy Certification Program for the ninth consecutive two-year term.
Assistant Director of Finance Wesley Janecek will accept a plaque commemorating the honor on behalf of the City on Feb. 25 at GTOT’s Winter Seminar in San Antonio on Feb. 25.
The certification is given to organizations that maintain investment policies that meet GTOT’s recommendations for complying with the Texas Public Funds Investment Act. The certificate is subject to renewal every two years.
The City’s investment policy governs how the City uses public funds to invest in securities, setting standards for rates of return, management, ethics and more to ensure that investment is handled in the public’s best interest. The policy is updated annually to comply with new legislative requirements and GTOT recommendations and is approved by the City Council.
The Government Treasurers’ Organization of Texas is a statewide group that promotes the education and professional development of those who manage government finances, according to the organization’s website.
In addition, the City received its 34th consecutive Distinguished Budget Presentation Award from the Government Finance Officers Association for its budget for fiscal year 2019.
In order to receive the award, the City had to satisfy nationally recognized guidelines for effective budget presentation, according to a news release from GFOA. The City’s budget was rated “proficient” in four categories: as a policy document, a financial plan, an operations guide and a communications device.
The award “reflects the commitment of the governing body and staff to meet the highest principles of governmental budgeting,” according to the news release.
Also, the City received its 36th consecutive Certificate of Achievement for Excellence in Financial Reporting from GFOA for its end-of-year financial report for fiscal year 2018.
The Certificate of Achievement for Excellence in Financial Reporting is awarded to organizations that meet high standards in governmental accounting and clear financial reporting.
The City’s end-of-year financial report “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 comprehensive annual financial report,” according to a news release from GFOA.
GFOA provides best practice guidance, consulting, networking opportunities, publications, recognition programs, research and training opportunities in support of its mission to advance excellence in public finance, according to the organization’s website.
The information in this article is from a press release sent by the City of Victoria.