Brookhaven Receives High Rating for Financial Reporting

Last month, the Government Finance Officers Association of the United States and Canada (GFOA) awarded the Town of Brookhaven with a Certificate of Achievement for Excellence in Financial Reporting for its comprehensive annual financial report (CAFR) for the fiscal year ending Dec. 31, 2010. 

“I am proud that for two years in a row Brookhaven’s financial reporting has received the highest honor," said Brookhaven Supervisor Mark Lesko, in a statement. "Not only have we froze taxes for three years in a row and cut spending by over 26 percent, but we are going above and beyond when it comes to being transparent about our finances."

According to the town, the CAFR is a "best in class designation" in financial reporting excellence for municipalities and is a significant accomplishment for the Town of Brookhaven. The CAFR provides a qualitative and quantitative assessment of the Town's fiscal condition and operations by requiring explanations and schedules above minimum state and federal financial reporting requirements.

This is the second time Brookhaven developed a CAFR, the first being last year. The CAFR includes information such as an independent auditors report, a management discussion and analysis of the Town’s finances, basic financial statements such as a statement of net assets, a statement of expenditures and revenues, changes in fund balance, a statistical analysis of financial trends, debt capacity, demographic and economic statistics, and operating information, such as staffing counts.