The City of Revere has received the Distinguished Budget Presentation Award for it’s current budget from the Government Finance Officers Association (GFOA).
“We are grateful for this recognition,” said Mayor Brian Arrigo. “This is a testament of our current financial strength as a community, especially since this announcement closely follows Revere’s historic bond rating upgrade and certification of 11.2 million in ‘Free Cash.’”
According to the GFOA, the award reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting. In order to receive the budget award, the City had to satisfy nationally recognized guidelines for effective budget presentation. These guidelines are designed to assess how well an entity’s budget serves as a policy document, a financial plan, an operations guide and a communication device.
“The city is in a good position,” said Ward 4 Councillor Patrick Keefe at Monday night’s council meeting when the mayor announced the award.
Budget documents must be rated “proficient” in all four categories, and in the 14 mandatory criteria within those categories, to receive the award.
There are over 1,600 participants in the Budget Award program. The GFOA states, “Award recipients have pioneered efforts to improve the quality of budgeting and provide an excellent example for other governments across North America.”