Foley, Ala. - (OBA) - Foley has received the "triple crown" of major financial reporting awards for the third consecutive year, according to a recent press release. The Government Finance Officers Association (GFOA) presented its Award for Outstanding Achievement in Popular Annual Financial Reporting, known as the PAFR Award, to Foley for the fiscal year ended September 30, 2021.

Miranda Bell, Foley accounting supervisor, explained that the PAFR report breaks down complicated financial reports into a user-friendly format that enables residents to understand where city revenue comes from and how the money is spent. Foley is one of the few agencies in Alabama to receive all three awards from the GFOA, which include the PAFR Award, the Certificate of Achievement for Excellence in Financial Reporting, and the Distinguished Budget Presentation Award.

Mayor Ralph Hellmich expressed his gratitude for the awards, stating that they demonstrate the high quality of Foley city employees' financial planning and reporting. Hellmich noted that having a report like the PAFR that breaks down financial data is essential for transparency and consistency.

To be eligible for the PAFR award, a government agency must submit its annual comprehensive financial report to GFOA's Certificate of Achievement for Excellence in Financial Reporting Program. Foley has already received the Certificate of Achievement for Excellence in Financial Reporting for the fiscal year ended September 30, 2021, marking the ninth consecutive year that Foley received the prestigious award.

Additionally, the GFOA awarded a Distinguished Budget Presentation Award to Foley for its fiscal year 2022 budget, which marks the city's fourth time receiving the award. Foley has also submitted the fiscal year 2023 budget for consideration.

The PARF report for the fiscal year 2021 revealed that at the start of the 2023 fiscal year, Foley's governmental funds reflected a combined fund balance of more than $60.78 million, an increase of almost $23.5 million from the previous fiscal year. Revenues and expenditures increased in fiscal year 2022 due to increased grants, sales and use taxes, licenses and permits, as well as Hurricane Sally recovery, according to the report.

In conclusion, Foley's consistent success in financial reporting has made it stand out among Alabama's cities and counties. The GFOA's recognition of Foley's PARF report and other financial reports speaks to the city's commitment to transparency, accountability, and sound financial management.