NEWS RELEASE

FOR IMMEDIATE RELEASE September 24, 1997

TOWN OF CARY RECOGNIZED FOR EXCELLENCE IN FINANCIAL REPORTING

CARY -- The Town of Cary has received national recognition for two of its financial documents. The Government Finance Officers Association of the United States and Canada (GFOA) has issued both its Certificate of Achievement in Financial Reporting and the Distinguished Budget Presentation Award to the Town’s Finance Department.

"Accountability is one of the most important values we stress at the Town of Cary," said Town Manager Bill Coleman. "Not only do we strive to make efficient use of every tax dollar, we also report that use in an effective and comprehensive manner."

Both awards are given by an impartial panel for actual documents produced by the Finance department: The CAFR (Comprehensive Annual Financial Report) and the Budget. The CAFR was judged to demonstrate a "spirit of full disclosure" by clearly communicating the Town’s financial story. The Budget had to meet national standards which assessed how well it functions as (1) a policy document, (2) a financial plan, (3) an operations plan, and (4) a communications device.

"Our staff works very hard to help citizens understand their government," said Cary Finance Director Karen Mills. "When we win awards like these, it tells us that we’re doing a good job for our community." The CAFR and the Budget, as well as many other documents, are available for public review at Town Hall during regular business hours.

The GFOA is a nonprofit professional association serving 12,650 government finance professionals throughout North America. The GFOA’s Distinguished Budget Presentation Awards Program is the only national awards program for governmental budgeting.

PRIMARY CONTACTS: Karen Mills, Finance Director, 469-4110

Stephen Gautier, GFOA, (312) 977-9700

Bill Coleman, Town Manager, 469-4002

Susan Moran, Public Information Officer, 460-4951

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