“The people of Guam have been led down the road of empty promises and disappointment in their elected officials for such a long time. It’s why we set out to fulfill our promises. We are rebuilding trust in GovGuam. It’s also why we don’t ever expect for the media or the public to take what we say at face value. That also explains why we open our books and our decisions to the white hot light of public scrutiny. But it’s different when global and national organizations and ratings agencies are the ones affirming our commitment to transparency and our handling of the finances. They have no bias. They tell it like it is. And today, they told us again that we’re doing just fine. We’re on the road to progress. Congratulations to the employees of the Department of Administration who prepared and submitted Guam’s first CAFR report last year. Your work, clearly and effectively communicates our administration’s initiatives in promoting a better government and a better Guam.”
— Governor Eddie Baza Calvo
Guam’s government received the highest award for financial transparency from the country’s leading and most-respected body that monitors government finances.
Certificate of Achievement given to DOA division that prepared CAFR
The Government Finance Officers Association awarded the Certificate of Achievement for Excellence in Financial Reporting specifically to the Department of Administration, Division of Accounts. The Certificate of Achievement is the highest form of recognition for government accounting and financial reporting.
This honor was awarded to DOA for preparing the Comprehensive Annual Financial Report for fiscal year 2012. Every governor has been mandated by the Organic Act since 1950 to submit a CAFR every year. GovGuam met this federal mandate for the first time in 63 years in 2013 under the leadership of Gov. Calvo.
CAFR provides full financial disclosure, transparency
According to the GFOA, the “CAFR has been judged by an impartial panel to meet the high standards of the program including 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 prepared by DOA disclosed the government’s finances for Fiscal Year 2012. The report includes audited financials, including balance sheets, statements of revenues and expenditures, statements of cash receipts and disbursements, transfers in and out from accounts, etc. This is the information senators need to make informed policy decisions that consider the government’s financial condition. It also is a useful report for the public to use to judge the administration’s management practices using real data.
CAFR met high standards of GFOA
The Certificate of Achievement program was established by the GFOA to encourage local governments to go beyond the minimum requirements to enhance transparency and full disclosure. Governments that accomplish that goal through their report are awarded the Certificate of Excellence.
The CAFR is a federally mandated report that must be submitted to Congress and the Secretary of the Interior. Guam made history last year, becoming the first insular area to ever submit the CAFR, ever.
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