The village of Lake in the Hills said Tuesday it has received an award for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) of the United States and Canada.
The award recognizes the highest level of achievement in the fields of governmental accounting and financial reporting. The village earned the award for its fiscal report for the fiscal year that ended last December.
The criteria for judging the report was the level of transparency, full disclosure and clarity as gauged by an impartial panel of judges.
The village has also won GFOA’s Distinguished Budget Presentation Award for the current fiscal year. Village officials said it's rare for communities to earn both awards, and Lake in the Hills is the only one in the county to win both awards in the last 16 years.
GFOA was founded in 1906 to help local governments provide better financial managements. The organization represents public finance officials across the U.S. and Canada and maintains 18,000 members.
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