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July 27, 2006
City of Toronto wins GFOA Award of Excellence
  
Mayor David Miller officially recognized staff at Toronto City Council today for receiving the Government Finance Officers Association of the United States and Canada (GFOA) Award for Excellence for Toronto’s Long Term Fiscal Plan. The City of Toronto was one of the recipients of the prestigious 2006 Awards for Excellence presented at the association’s annual conference in Montréal, Quebec.

Based in Chicago, the Government Finance Officers Association of the United States and Canada (GFOA) is a professional association of state/provincial finance officers in both Canada and the USA. Since 1906, the association’s membership has grown to 16,500 members dedicated to sound management of financial resources.

The GFOA Award for Excellence recognizes contributions to the practice of government finance exemplifying outstanding financial management. The awards stress practical, documented work that offers leadership to the profession and promotes improved public finance.

The Long Term Fiscal Plan was submitted to the GFOA under the category of Budgeting and Financial Planning. The comprehensive report provides input for setting Council priorities, aids in the annual budget process, and most importantly provides a framework for future-year financial planning and forms a blueprint for discussions between the City and its funding partners including the federal and provincial governments.

“This plan forms an integral part of the City’s continuing move towards fiscal sustainability,” said Mayor David Miller. “The Long Term Fiscal Plan joins Council’s Strategic Plan and the recently-approved Official Plan as tools with which the City is forging an integrated and coordinated planning management model.”

The plan was reviewed and approved though the Ad Hoc committee for the Development of a Long-term Fiscal Plan, chaired by Councillor David Soknacki, and unanimously approved by Toronto City Council.
The City’s Long Term Fiscal Plan was developed under the direction of Joe Pennachetti, Deputy City Manager and Chief Financial Officer, with detailed research and preparation by the Director of Corporate Finance Division Len Brittain, along with Josie LaVita, Director of the Financial Planning Division.

“The Long Term Fiscal Plan emphasizes the balancing of finance strategies through three key components - revenues, expenditures, and assets and liabilities,” said Joe Pennachetti, Deputy City Manager and Chief Financial Officer.

The City’s report is available online at http://www.toronto.ca/finance/long_term_fiscal_plan.htm. For more information about GFOA’s Awards for Excellence in Government Finance, please visit http://www.gfoa.org.


Media contacts:

Len Brittain
Director
Corporate Finance
City of Toronto
416-392-5380

Cindy Bromley
Communications Manager
City of Toronto
416-392-4993


 

 

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