The Village of Schaumburg announced it has received the Distinguished Budget Presentation Award from the Government Finance Officers Association (GFOA) for meeting the highest principles of governmental budgeting. This is the fourth year in a row the village has received this distinction.
“We’re pleased to continue the village’s practice of maintaining the highest principles of government budgeting,” said Director of Finance Lisa Happ Petersen. “Many village staff members are involved in the year-long process to craft the budget, and I thank them for their dedication in providing a sound financial plan that can be recognized as one of the best in the country.”
To receive the significant achievement, Schaumburg satisfied nationally recognized guidelines for effective budget presentation. The guidelines assess how well an organization’s budget serves as a policy document, a financial plan, an operations guide and a communications device.
Budget documents are reviewed in regard to 27 specific criteria, grouped into four basic categories. To receive the award, the budget document must be rated either proficient or outstanding by at least two out of three reviewers for all four basic categories, as well as for 14 of the 27 specific criteria identified as “mandatory.”
“The budget is one of the village’s most important tools because it sets the financial course for the village and defines priorities for the community,” said Village Manager Brian Townsend. “It is essential that the village’s budget is easy-to-understand, transparent and clearly states the village’s objectives for the fiscal year, and I’m proud the village has been recognized again for this top achievement.”
Schaumburg’s fiscal year budget 2017-18 is available on the village’s website at http://bit.ly/vosbudgets.
The Government Finance Officers Association established the Distinguished Budget Presentation Awards Program (Budget Awards Program) 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. Individual governments that meet those goals are then recognized through the program. The Distinguished Budget Presentation Awards Program is the only national awards program in governmental budgeting. For more information, visit www.gfoa.org.