Fayetteville PWC receives two national awards for financial reporting
By Staff Report, posted Jun 19, 2024 on BizFayetteville.com
The Fayetteville Public Works Commission (PWC) recently received national recognition for financial reporting with two awards from the Government Finance Officers Association (GFOA). The first award was for the Distinguished Budget Presentation Award, the highest form of recognition given for governmental budgeting by the GFOA. This is the 29th consecutive time PWC has received this award. In May, PWC was awarded the Certificate of Achievement for Excellence in Financial Reporting for the July 2022 to June 2023 Fiscal Year. This is the 17th year PWC has received this Certificate of Achievement.
“I am proud the Government Finance Officers Association has recognized PWC with these two awards and the hard work PWC has put in to earn them,” said Timothy Bryant, CEO/General Manager of Fayetteville PWC in a press release. “Transparency is an important component in fiscal responsibility and speaks to our core values of committing to excellence and doing the right thing.”
“I would like to take a moment to thank the members of the finance team for their hard work and attention to detail in helping us achieve these awards,” said Rhonda Haskins, Chief Financial Officer of PWC in a press release. “These reports and budget presentations are more than financial statements, they serve as a policy document, a financial plan that guides operations, and a way to provide important information to our customers.”
The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare annual comprehensive financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.
The Distinguished Budget Presentation Awards Program was established in 1984 to encourage and assist state and local governments to prepare budget documents of the very highest quality that reflect both the guidelines established by the National Advisory Council on State and Local Budgeting and the GFOA’s best practices on budgeting and then to recognize individual governments that succeed in achieving that goal.
PWC has been providing utility services since 1905 to Fayetteville and surrounding communities. Currently, PWC provides more than 274,101 services including electric, water, wastewater, and irrigation. PWC’s 650 employees are responsible for maintaining more than 1,400 miles of power lines and 2,825 miles of water and wastewater infrastructure. PWC’s Annual Operating Budget this year is $428.8 million. The bond ratings for PWC are Aa2 with Moody’s and AA with both Standard & Poor’s and Fitch.
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