Modified: May 11, 2018 2:17pm
Created: January 10, 2018 10:08am
In recognition of its outstanding financial reporting methods, the office of Erie County Comptroller Stefan I. Mychajliw received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report (CAFR). This is the second national honor announced by GFOA in as many weeks. Comptroller Mychajliw also received the Popular Annual Financial Reporting (PAFR) Award for its analysis of the 2016 fiscal year. He is the first ever Comptroller of Erie County to win that award and has done so four years in a row.
“The CAFR Certificate of Achievement is the highest level of recognition for the accounting and financial reporting that my office is responsible for. Earning this certificate is the result of outstanding management by my team. I am proud to have received the CAFR Award on behalf of Erie County taxpayers. The comprehensive annual financial report is critical to providing a clear view of how county tax dollars are being utilized, something that is the highest priority in my office,” said Comptroller Stefan Mychajliw.
Under Comptroller Mychajliw’s leadership, the office has received the CAFR Award every year since he took office.
The county must meet high standards to achieve both the CAFR and PAFR. The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program (CAFR Program) in 1945 to assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.
Reports submitted to the CAFR program are reviewed by selected members of the GFOA professional staff and the GFOA Special Review Committee (SRC), which includes finance professionals with expertise in public sector financial reporting and includes financial statement preparers, independent auditors, academics, and other accounting professionals.