DATE: April 4, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Russell Truell, Assistant City Administrator
Mike Lowe, Comptroller
SUBJECT:
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Acknowledge Receipt of Government Finance Officers Association (GFOA) Award for 25 Consecutive Years
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the GFOA Financial Reporting award for the fiscal year ending June 30, 2015.
Background
The City of Franklin has been awarded the Certificate of Achievement for Financial Reporting for the 25th consecutive year. This award is the highest recognition of excellence in financial reporting granted by the Government Finance Officers Association of the United States and Canada.
Financial Impact
There is no direct financial impact. However, receipt of this award is recognized by bond rating agencies and underwriters when the City issues debt and figures in the pricing calculus. Cities, counties and states may receive a more favorable interest rate when borrowing.
Recommendation
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No action is required on this item.