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May 11, 2010
City of Toronto financial staff win GFOA Report Award for the third consecutive year
Today, at the City Council meeting, City of Toronto financial staff were recognized for winning the Canadian Award for Financial Reporting (CAnFR) from the Government Finance Officers Association (GFOA) for the City's 2008 Annual Financial Report.

Winners of the prestigious award are recognized for exceeding requirements set by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants, and for producing comprehensive annual financial reports with the highest level of transparency and full disclosure. This award reflects that North American best practices for annual financial reporting are being delivered by City finance staff.

"Summarizing the financial activities of such a diverse and multi-dimensional organization in a format that is clear and accessible for all our stakeholders is not an easy task," said Mayor David Miller.

"The federal government, the province, the business community, taxpayers and credit agencies all rely on our financial information," he added. "Through regular reports to Council and its various committees, the financial health of this city is clearly articulated thanks to the efforts of staff."

Reports submitted to the CAnFR program are reviewed by selected members of the GFOA professional staff and a review committee made up of financial statement preparers, independent auditors, academics and finance professionals from across Canada.

The GFOA is a non-profit association made up of 17,000 government finance professionals whose aim is to enhance and promote the professional management of governments by identifying and developing financial policies and practices, and promoting them through education, training and leadership.

The City of Toronto's 2008 Annual Financial Report is available at

Toronto is Canada's largest city and sixth largest government, and home to a diverse population of about 2.6 million people. It is the economic engine of Canada and one of the greenest and most creative cities in North America. Toronto has won numerous awards for quality, innovation and efficiency in delivering public services. Toronto's government is dedicated to prosperity, opportunity and liveability for all its residents. For information about non-emergency City services and programs, Toronto residents, businesses and visitors can dial 311, 24 hours a day, 7 days a week.

Media contact:
Cindy Bromley, Finance & Administration Communications Manager 416-392-4993



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