Flossmoor receives financial reporting award for 41 straight years

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Flossmoor receives financial reporting award for 41 straight years

August 14, 2019 - 16:57
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The Village of Flossmoor has received an award for excellence in financial reporting for the 41st year in a row.
 
Flossmoor Finance Director Scott Bordui presented a plaque to the mayor and village board on behalf of the Government Finance Officers Association during an Aug. 5 meeting.
 
“The GFOA really views this as a community-wide achievement to be celebrated by all the residents served by the board,” Bordui said. “It’s a reflection on how the world views the village of Flossmoor in many ways similar to our bond rating.”
 
The GFOA is an organization in the U.S. and Canada that identifies and encourages principles of economy and efficiency in state, provincial and local government. 
 
The Certificate of Achievement is given annually to communities that demonstrate a commitment to excellence in financial reporting. 
 
Only 5.85 percent of cities, towns and villages receive this award, and only 1.04 percent of municipalities with populations less than 10,000 receive it, Bordui said. Flossmoor's population in the 2010 census was 9,464. 
 
Additionally, only eight municipalities in Illinois have a longer streak than Flossmoor, Decatur having the longest at 46 years, he said.
 
The award serves to enhance Flossmoor’s credibility, especially with factors like changing legal requirements and state mandates making it increasingly difficult to maintain.
 
“We shouldn’t be complacent about this award or take it for granted,” Bordui said. “There’s really an unprecedented level of sophistication needed today to produce financial statements at this level.”
 
He also said there are tangible benefits to the community in continuing to receive the award, the best example being the village’s bond rating. 
 
“The village has received two upgrades in the last decade which occurred during difficult economic times, and as recently as 2017 we maintained our AA+ credit rating,” Bordui said.
 
Having a higher rating means being able to save thousands of dollars in interest costs and property taxes for residents, he said.
 
Bordui said many are to thank for creating the culture necessary to maintain this award, including past and present mayors, trustees, village clerks, village managers, village attorneys, audit firms, finance directors, finance department staff, village management team members and pension boards.