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Durham, N.C. – The City of Durham has received international recognition yet again for its financial accountability and reporting to Durham’s citizens.

The City’s Comprehensive Annual Financial Report (CAFR) has been acknowledged for the 24th consecutive year by the Government Finance Officers Association of the United States and Canada (GFOA).  The GFOA is a nonprofit professional association serving government finance professionals.

The City’s Fiscal Year 2007-08 CAFR was recognized with the certificate of achievement, the GFOA’s highest form of recognition in the area of government accounting and financial reporting.  An impartial panel determined that the report met “the high standards of the program including demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.”

“This prestigious international award recognizes the City’s commitment to meeting the highest standards for financial reporting,” said Keith Herrmann, interim director of the City’s Department of Finance. “Our financial reporting team is to be commended for its continuing commitment to excellence. This team maintains the City’s financial reporting system with integrity and it is rewarding to see that their work consistently receives international notice and acclaim.”

A copy of the CAFR is available on the City’s Web site at www.durhamnc.gov/departments/finance/pdf/cafr08.pdf.  For more information about the GFOA, visit www.gfoa.org.

About the City of Durham’s Department of Finance
The mission of the City’s Department of Finance is to professionally and prudentially enhance the City's financial position. The department is divided into two main components, a treasury component and a controller's component. The treasury component is subdivided into Treasury Management, Risk Management, and Purchasing. The controller's component is subdivided into Enterprise Resource Planning (ERP) and Accounting Services.  For more information about this department, visit www.durhamnc.gov/departments/finance.