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News Release

FOR IMMEDIATE RELEASE: Tuesday, December 12, 2006

City wins top financial reporting award

CHICAGO -- For drafting a clear annual financial report that shows a "spirit of full disclosure," the City of Bellevue has earned its 24th consecutive Certificate of Achievement for Excellence in Financial Reporting. The Government Finance Officers Association of the United States and Canada awarded the certificate to the city for its 2005 Comprehensive Annual Financial Report  (16.4 MB).

The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting. For preparing the award-winning report, the Finance Department received an Award of Financial Reporting Achievement.

The city's fiscal management has earned recognition other ways as well. In October, Standard and Poor's bestowed its highest rating -- AAA -- on Bellevue's general obligation bonds. Moody's has rated the city's bonds at the top of its scale, Aaa, for some time.

Washington law requires Bellevue to publish a comprehensive annual financial report each year. The financial report describes how the city uses its financial resources each year, and provides a picture of the city's financial condition at the end of the calendar year. Each year's financial report is usually published by June of the following year.

Bellevue's 2005 financial report was judged by an impartial panel to meet the high standards of the Certificate of Achievement program, including demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story. This approach can motivate potential users and user groups to read the report.

The Government Finance Officers Association, with offices in Chicago and Washington, D.C., is a nonprofit professional association serving approximately 16,000 government finance professionals. For more information about Bellevue's budgets and finances, see the Finance Department pages of the city's website.

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Contact Information

Finance Department
450 110th Ave. NE
P.O. Box 90012
Bellevue, WA 98009
E-mail: FinanceDepartment@bellevuewa.gov

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