FOR IMMEDIATE RELEASE                                     May 24, 2007

Release M-53-07

CITY WINS NATIONAL FINANCIAL REPORTING HONOR

            The City has again earned the prestigious Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada.

            “This is the 20^th time in 21 years that Honolulu has received the Certificate of Achievement for Excellence in Financial Reporting from this universally respected organization,” said Mayor Mufi Hannemann. “The award is a testament to the continuing excellence of the hard-working people in our Department of Budget and Fiscal Services.”
           

            According to the 16,000-member GFOA, “This award represents 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.”

            The certificate was awarded for the comprehensive annual financial report prepared by the Accounting Division of the Department of Budget and Fiscal Services for the fiscal year that ended June 30, 2006. The report was judged by an impartial panel against the association’s high standards, which include demonstrating a “constructive spirit of full disclosure to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.”

            Mary Pat Waterhouse, director of the Department of Budget and Fiscal Services, also received an Award of Financial Reporting Achievement from the GFOA and credited her deputy director Patrick Kubota as the person primarily responsible for working with the Accounting Division to prepare the award-winning comprehensive annual financial report.

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Contact:

            Bill Brennan, 527-6928     

            Mark Matsunaga, 527-5767