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CITY CELEBRATES TWENTY-ONE YEARS OF FINANCIAL EXCELLENCE <br />The Certificate of Achievement for Excellence in Financial Reporting has <br />been awarded to the City of La Porte, Texas, by the Government Finance <br />Officers Association of the United States and Canada for its comprehensive <br />annual financial report for the year ending September 30, 2002. This is the <br />twenty-second (22"d) consecutive year that the city has received this prestigious <br />award. <br />The Certificate of Achievement for Excellence in Financial Reporting is an award <br />designed to recognize and encourage excellence in financial reporting by state <br />and local governments. The Certificate of Achievement is the highest form of <br />recognition in the area of governmental accounting and financial reporting, and <br />its attainment represents a significant accomplishment by a government and its <br />management. <br />The Certificate of Achievement for Excellence in Financial Reporting Program <br />(Certificate Program) was established by the Government Finance Officers <br />Association (GFOA) in 1945. The GFOA instituted the program to encourage all <br />government units to prepare and publish an easily readable and understandable <br />comprehensive annual financial report (CAFR) covering all funds and financial <br />transactions of the government during the fiscal year. The GFOA believes that <br />governments have a special responsibility to provide the public with a fair <br />presentation of their financial affairs. CAFRs go beyond the requirements of <br />generally accepted accounting principles (GAAP) to provide the many users of <br />government financial statements with a wide variety of information useful in <br />evaluating the financial condition of a government. <br />Requested Photo for Newspaper. <br />CM; ACM; Assistant Finance Director, and Accounting Division <br />