The Government Finance Officers Association of the United States and Canada (GFOA) recently named the Town of Wake Forest as the recipient of the GFOA’s Distinguished Budget Presentation Award for its fiscal year 2020-21 annual budget. This marks the seventh consecutive year Wake Forest has earned the GFOA honor.
The award represents a significant achievement by the Town and reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting. To receive the budget award, Wake Forest was required 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, financial plan, operations guide and communications device.
Budget documents must be rated “proficient” in all four categories and the 14 mandatory criteria within those categories to receive the award.
When a Distinguished Budget Presentation Award is granted, a Certificate of Recognition for Budget Presentation is also presented to the individual or department designated as being primarily responsible for its having achieved the award. This has been presented to the Town of Wake Forest Finance Department. By earning the award, the Finance Department satisfies one of the objectives outlined in Goal 4 of the Town’s strategic plan: Enhance Fiscal Strength.
For budgets beginning in 2020, over 1,600 participants received the award. Award recipients have pioneered efforts to improve the quality of budgeting and provide an excellent example for other governments throughout North America.