January 15, 2022

Lathrop receives the honor of excellence in financial reporting for the 26th consecutive year

For 24 consecutive years, the Town of Lathrop has been awarded the Certificate of Excellence in Financial Reporting by the Government Finance Officers Association.

According to a press release issued by the organization – which is made up of financial officers from the governments of the United States and Canada – it was the city’s full financial report for the fiscal year ended June 30, 2020 that won the most recent award.

According to the statement, the report was judged by an “impartial panel to meet the high standards of the program, which includes demonstrating a” constructive spirit of full disclosure “to clearly communicate its financial history and motivate potential users and groups. users to read the report. “

For Lathrop City Manager Steve Salvatore, this recognition is simply the continuation of a long streak of continuous transparency and a testament to the work city staff do to help keep the public informed of the state of Lathrop’s financial condition. the city.

“I am very proud that our finance department has once again received the Certificate of Excellence in Financial Reporting award from the Government Finance Officers Association,” said Salvatore. “For 24 consecutive years, the town of Lathrop has received this prestigious honor because of our commitment to transparency and openness of our finances.

“To receive this recognition, a panel of experts who have specialized expertise in government financial reporting examines our comprehensive annual financial reports against the most stringent standards and qualifications for eligibility.”

And not even the COVID-19 pandemic and the economic uncertainty it brought about has prevented Lathrop from maintaining the high standards required by recognition.

After San Joaquin County distributed funds to towns within the county participating in the Urban Counties Cooperation Agreement – money made available through the CARES Act – Lathrop created a qualifying funding program that enabled it to ” Make the best use of the Community Development Grant funding it received from the Department of Housing and Urban Development.

Lathrop used every penny he was given to fund the General Emergency Assistance Grant program – aimed at helping residents and families who have been financially affected by the pandemic.

Through three rounds of funding, the city distributed $ 134,939.80 to 55 eligible households out of the 118 that submitted applications – serving 191 Lathrop residents who likely would have otherwise gone without.

Other cities in the region that participate in the same program that made Lathrop eligible to receive funding have, to date, not allocated any of the funds they have received.

“At a time when some cities face receivership and other legal ramifications due to their inability to maintain proper financial standards, Lathrop continues to stand out for its stability and loyalty,” Salvatore said. “This award is considered the highest form of recognition in government accounting and financial reporting, and our streak of 24 years of staying at the bar is a monumental achievement for city staff.”

To contact journalist Jason Campbell email jcampbell@mantecabulletin.com or call 209.249.3544.

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