For the seventh consecutive year in a row, the City of El Paso has once again received a clean opinion—no findings—from Moss Adams, an independent external auditor, for its Annual Comprehensive Financial Report (ACFR).
Additionally, for the first time in the City’s financial governance history, the City earned both the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for the ACFR and the GFOA Award for Outstanding Achievement in Popular Annual Financial Reporting(PAFR). Both reports can be found online at www.ElPasoTexas.gov/Office-of-the-Comptroller/.
The GFOA award is a prestigious national award that recognizes conformance with the highest standards for the preparation of state and local government reports.
The ACFR is a comprehensive summary of the City’s financial activity for the past fiscal year and the PAFR is a document intended to present a governmental entity’s financial position, accomplishments, and activities for a given year in an easy-to-read format for those without a traditional financial background.
“We are very proud to be able to announce another clean financial audit by our external auditors. This achievement is yet another result of the systems and processes we have implemented over the past several years,” said City Manager Tommy Gonzalez. “It is the sound governance and strong financial management that allowed us to grow our general fund balance from only nine operating days in 2014 to over 91 days today. It is being proactive such as creating the pension and operating and debt stabilization funds that position the City to have a stable financial condition that allows us to be prepared for unexpected events and long-term financial sustainability.”
Gonzalez said the recognition is a testament to the entire City departments and their staff, with the support from the City Council.
“We wish to acknowledge the City’s financial team led by Chief Financial Officer Robert Cortinas, and we especially want to recognize the exceptional work from the City Comptroller Margarita Munoz and her team who led the overall endeavor,” Gonzalez added. “We will continue to submit our reports for review and present the public with the opportunity to learn more about our finances, to understand the results of operations and how funds are earned and spent.”
