A fiscal symphony: CAP honored with prestigious financial reporting award

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CAP Finance Award

The conductor’s arms go up and one by one; the musicians join in. The poetic melody from the flutes, bright tone of the violins, playful sound of the French horn and the rhythm of the drums – a harmonious combination.

Central Arizona Project’s Accounting Department operates in much the same way. Employees from a dozen departments contribute by surveying water levels, verifying and recording numbers, managing money and communicating collaboratively to organize volumes of fiscal information.

The result is equally harmonious, and in recognition of that, for the eighth year – out of eight tries — the Government Finance Officers Association of the United States and Canada (GFOA) has awarded CAP the Certificate of Achievement for Excellence in Financial Reporting.

“It’s a very prestigious award,” GFOA Administrative Associate Dolores Smith said.

How prestigious? The Certificate of Achievement is 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.

According to the GFOA website, “The goal is to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports and to recognize individual governments that succeed in achieving that goal.”

The award will be included in the 2019 financial statements.

As with the symphony culminating in a final performance after continuous practices and development behind the scenes, the CAFR, at 118 pages, is a continuous development and collaboration of work throughout the year. “It takes the whole company and we really appreciate all the help, support and knowledge that is provided,” CAP Senior Accountant Tanya Luther said.

The “orchestra,” or CAP departments involved in the report, including Water Operations, Engineering Land and Survey, Engineering, Material Control & Distribution, Purchasing, Human Resources, Financial Planning and Analysis, Legal, Communications, Central Arizona Groundwater Replenishment District, Power, and Information Technology.

See more information on the GFOA.