Foley Wins Financial Reporting Awards

The City of Foley said it won “a rare ‘triple crown’ of major financial reporting awards” for the third consecutive year. The Government Finance Officers Association recently presented its Award for Outstanding Achievement in Popular Annual Financial Reporting (PAFR) to the city in recognition of Foley’s Popular Annual Financial Report for the fiscal year that ended September 30, 2021. Foley is one of the few agencies in Alabama to receive all three awards from the association, having previously won awards for its audit and budget. To be eligible for the PAFR award, a government agency must also submit its annual comprehensive financial report to the association’s Certificate of Achievement for Excellence in Financial Reporting Program, which Foley had received for its comprehensive financial report. At the start of the 2023 fiscal year, Foley’s governmental funds reflected a combined fund balance of more than $60.78 million, an increase of almost $23.5 million from the previous fiscal year. Revenues and expenditures increased in fiscal year 2022 as a result of increased grants, sales and use taxes, licenses and permits, and Hurricane Sally recovery.