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July 16, 2008
City of Toronto wins award for financial reporting
Today, the City of Toronto received the Canadian Award for Financial Reporting (CAnFR) from the Government Finance Officers Association (GFOA) of Canada and the United States for its 2006 Annual Financial Report. This award reflects North American best practices for annual financial reporting, delivered by City finance staff.

Winners of the prestigious award are recognized for exceeding requirements as 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 Toronto's professional approach in simplifying complex, legislated financial statements to provide the City's financial position,” said Mayor David Miller, acknowledging the award during City Council. “Taxpayers, bondholders, credit agencies, the business community, the province and the federal government need our financial information in varying degrees of detail but it should always be provided in a transparent and open manner.”

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 15,000 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 2006 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. In the past three years, Toronto has won more than 70 awards for quality, innovation and efficiency in delivering public services. Toronto’s government is dedicated to prosperity, opportunity and liveability for all its residents.

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



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