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News Release

FOR IMMEDIATE RELEASE: Tuesday, March 3, 2009

Council Roundup: award underscores fiscal stewardship

Bellevue has once again been cited for excellence in financial reporting by the Government Finance Officers Association (GFOA).

City Manager Steve Sarkozy on Monday reported to the City Council that Bellevue has received the prestigious award 26 consecutive years, underscoring the city’s adherence to the highest standards of financial transparency and integrity.

The GFOA serves about 15,000 government finance professionals across the United States and Canada.

"Above all, this award signifies our continuing commitment to fiscal stewardship," Sarkozy said. "It's really a tribute to the entire city, but especially to our first-rate Finance Department and its accounting division." 

To be awarded a certificate of excellence by GFOA, a municipality must publish an easily readable and well-organized annual financial report that satisfies legal requirements and conforms to generally accepted accounting procedures.

Besides the GFOA award, the city's fiscal stewardship in recent years has been demonstrated by its bond ratings.

Both of the nation's major bond rating services -- Standard and Poor's and Moody's -- have assigned their highest possible ratings to Bellevue's bonds. Such ratings allow the city to issue bonds at favorable interest rates.

"It's a major accomplishment for the city to continue to receive high ratings from both these major companies," Finance Director Jan Hawn said. "Among other things, it's an important indication on how our financial practices are perceived by the experts."

Feedback: Jan Hawn, Finance Director, 425-452-6846 or jhawn@bellevuewa.gov

The Council Agendas and Council Minutes pages offer complete information regarding Council meetings.

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