The Government Finance Officers Association of United States and Canada ( GFOA ) awarded a Canadian Award for Financial Reporting to the District of Lake Country for its annual financial report for the fiscal year ended December 31 , 2014 . The Canadian Award for Financial Reporting program was established to encourage municipal governments throughout Canada to publish high quality financial reports and to provide peer recognition and technician guidance for officials preparing these reports .
In order to be awarded a Canadian Award for Financial Reporting , a government unit must publish an easily readable and efficiently organized annual financial report , whose contents conform to the program standards . Such reports should go beyond the minimum requirements of generally accepted accounting principles and demonstrate an effort to clearly communicate the municipal government ’ s financial picture , enhance an understanding of financial reporting by municipal governments , and address user needs .
A Canadian Award for Financial Reporting is valid for a period of one year only . We believe our current report continues to conform to the Canadian Award for Financial Reporting program requirements , and we are submitting it to the GFOA .
2015 Annual Report 63 | P a g e