LAKEWOOD, Calif., Dec. 26, 2012 /PRNewswire-USNewswire/ -- For the second year in a row, the Water Replenishment District of Southern California (WRD) has been recognized by the Government Finance Officers Association of the United States and Canada (GFOA) and awarded GFOA's highest accolade for governmental budgeting with the Distinguished Budget Presentation Award for fiscal year 2012-13.
This award reflects the commitment of the Board of Directors and staff to meet the highest principles of government budgeting, and is presented to WRD for its annual budget for the fiscal year beginning July 1, 2012. In order to receive this award, a government agency must publish a budget document that meets stringent guidelines designed to assess how well an entity's budget serves as:
- A policy document
- A financial plan
- An operations guide
- A communications device
A Budget document must be rated "proficient" in all four categories, and satisfy the 14 mandatory criteria within those categories to receive the award.Since 2005, WRD's Finance Department has garnered more than 18 national and state awards for its exceptional finance and budgetary practices. "This award is continued recognition of WRD's sound and prudent budgetary practices," said Albert Robles, President of WRD. "It exemplifies the District's efforts in providing the public with transparency and clarity in financial documentation." In an effort to increase the District's financial transparency and public accountability, the WRD Board of Directors approved the establishment of the District's Audit & Budget Advisory Committee (ABAC). As a direct result of this Board action, WRD has further increased its financial accountability and transparency with the public, as well as having its efforts recognized by the highly regarded GFOA.