South San Francisco, CA July 6, 2015 Submitted by Leslie Arroyo City of South San Francisco 
The Government Finance Officers Association (GFOA) has awarded the City of South San Francisco its 25th Certificate of Achievement for Excellence in Financial Reporting Program (CAFR Program). This award was established in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles.
Jim Steele, former Finance Director and current Assistant City Manager said “participation in this program represents the City’s commitment to sound financial practices, and is showing the City’s financial information in a transparent way to our citizens and businesses.” He also emphasized that “the City Finance Department, currently led by Richard Lee, deserves credit for taking financial checks and balances seriously, for guarding the public’s resources, and for having a very capable and talented staff.” While there are many benefits to participating in this program, Steele says this program also helps keep the City current. “As accounting and financial reporting standards evolve, participation helps to ensure that our City’s financial report fully implements those evolving standards.”
Reports submitted to the CAFR program are reviewed by selected members of the GFOA professional staff and the GFOA Special Review Committee (SRC), which comprises individuals with expertise in public sector financial reporting and includes financial statement preparers, independent auditors, academics and other finance professionals.
This award comes on the heels of the City Council approving the FY 2015-16 budget, which began July 1, 2015. The City’s General Fund revenues are expected to be $84.6 million for FY 2015-16, which is an 11 percent increase over last year.
While the economic outlook looks bright, Mayor Richard Garbarino says the council should still look to maintain responsible fiscal management and that the City has the appropriate people in charge. “I’m proud of the City staff and its management of the budget. We have an exceptional Finance Department here at the City, and receiving this award year after year hopefully shows our residents our commitment to financial responsibility and transparency; past, present and future.”