The city recently received a Certificate of Achievement for Excellence in Financial Reporting for its 2007 Comprehensive Annual Financial Report (CAFR). This is the city's 26th year receiving this distinction.
Council also approved the 2008 CAFR at their February 3, 2009 City Council Meeting.
The report details how the city keeps up with the public's money and acts as a financial report card for the city. This 200-page document takes hundreds of hours to put together and follows a six-month rigorous audit by outside, independent auditors. An independent, outside agency gave the city an A+ for how the public's money is used.
The city also received a higher bond rating because of how bond rating agencies in New York view the city's financial management. The city's bond rating has been upgraded to AA+, which helps lower interest rates and makes it cheaper for the city to borrow money. This means we save millions of taxpayer dollars over the long-term.
View the city's 2008 Comprehensive Annual Financial Report.