By Scott Carroll, CSDM, General Manager, Costa Mesa Sanitary District
It’s clear that in an era of enhanced public and media scrutiny of local government agencies, prudent and sound fiscal management practices demonstrate accountability and transparency. Such policies and protections instill public trust by demonstrating responsible stewardship of taxpayer dollars. For special districts, which often operate in a lesser profile than city and county governments, it is paramount that effective fiscal management safeguards are in place to establish and preserve public confidence. The District of Distinction Accreditation from the Special District Leadership Foundation is a phenomenal statewide recognition program that demonstrates a district has sound fiscal management policies and practices in place. That said, districts should strongly consider taking accomplishments to the next level by being recognized nationally.
The Government Finance Officers Association (GFOA) of the United States and Canada is a professional organization consisting of more than 20,0000 federal, state, and local finance officials who are committed to advancing excellence in public finance. The Triple Crown is an honor bestowed upon government entities that demonstrate a commitment to financial transparency, accountability, and sound fiscal practices. Listed below are some of the benefits bestowed upon a district for being a Triple Crown winner from the GFOA:
1. Enhanced Financial Management Practices
One of the primary benefits of attaining Triple Crown status is the validation of superior financial management practices. GFOA’s Triple Crown Award requires recipients to meet rigorous standards in three key areas: the Certificate of Achievement for Excellence in Financial Reporting (ACFR), the Distinguished Budget Presentation Award, and the Popular Annual Financial Reporting (PAFR) Award. Achieving excellence in all three areas underscores an organization’s commitment to maintaining the highest standards of financial management.
2. Increased Transparency and Accountability
Transparency and accountability are foundational principles in public finance. Winning the Triple Crown enables a government entity to signal to its constituents that it not only meets, but exceeds, the benchmarks for financial reporting. This achievement fosters trust among citizens, investors, and stakeholders, as they can rely on the accuracy and completeness of financial information.
3. Elevated Reputation and Credibility
The GFOA Triple Crown is a symbol of excellence in the eyes of the public finance community. Entities that achieve this distinction gain a heightened reputation and increased credibility. This recognition can attract top talent, encourage collaboration with other special districts, and enhance the entity’s overall standing in the financial sector.
4. Professional Development and Recognition for Staff
Achieving the Triple Crown is a collective effort that involves the dedication and hard work of finance professionals within the government entity. The award serves as a testament to the skills and expertise of the staff involved in financial reporting, budgeting, and communication. This recognition can boost morale, contribute to professional development, and inspire continuous improvement.
The Government Finance Officers Association’s Triple Crown Award is a prestigious acknowledgement of excellence in financial management within the public sector. Beyond the immediate recognition, the benefits extend to enhanced financial practices, increased transparency, elevated reputation, and recognition of staff. Special districts that strive for and achieve Triple Crown status not only demonstrate their commitment to fiscal responsibility but also position themselves as leaders in the field of government finance.
The Costa Mesa Sanitary District is proud to be recognized as the 2021 and 2022 GFOA Triple Crown Winner. To learn more about GFOA’s Triple Crown recognition, visit www.gfoa.org.