The City of Brampton’s Approved Business Plan and Budget 2016-2018 has received The Distinguished Budget Presentation Award from the Government Finance Officers Association of the United States and Canada (GFOA).
Harry Schlange, CAO, said: “We remain committed to meeting our financial obligations and demonstrating to our business and community partners that we can compete not just nationally, but globally. Together with employees across the corporation we will continue to strive for excellence in our operations at the City of Brampton.”
Not only is this the GFOA’s highest form of recognition in governmental budgeting, this award is the only national awards program in governmental budgeting. This is the first year the City applied for and received the award and it represents a significant achievement in the area of Good Government. In order to receive this award, the City had to satisfy nationally recognized guidelines for effective budget presentation. These guidelines assess how well the budget plan serves as a:
• Policy document
• Financial plan
• Operations guide
• Communications device
The City of Brampton is committed to transparency and clarity in financial reporting. The strength of the City’s financial policies and its solid financial position is further reinforced by the following:
• Standard & Poor’s credit rating went from AAA negative in 2014 to AAA stable in 2015.
• The C.D. Howe Institute’s rating for Brampton improved from a grade of D in 2011 and 2013 to a grade B- in 2015; the result of changes in budgeting methodology.
• Brampton is one of the top ten municipalities rated by C.D. Howe and is one of only three that presented budgets on an accrual basis.
• The Frontier Centre for Public Policy ranked Brampton second on The Transparency Index when comparing financial data of 100 cities across Canada. – CINEWS