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Algonquin Earns Budget Award
The Government Finance Officers Association of the United States and Canada (GFOA) announced that the Village of Algonquin has received the GFOA's Distinguished Budget Presentation Award for its Fiscal Year 2016 - 2017 budget. This is the thirteenth year in a row the Village has received this prestigious award. Algonquin also received a special performance measures recognition for illustrating a clear link of operational data to financial decision making.
“Algonquin’s annual operating and capital budget is the single most important policy document the Village adopts” said Village President John Schmitt. “By receiving this award, it demonstrates that the Village adheres to best practices in financial management, which allows us to continue to provide efficient and reliable services to the community.”
Budget documents must be rated "proficient" in all four scoring categories, and the 14 mandatory criteria within those categories, to receive the award. Approximately 1,500 entities nationwide received the award. Award recipients have pioneered efforts to improve the quality of public sector budgeting and provide an excellent example of transparency for public finance and operations.
The GFOA award criteria helps effectively guide budget development for elected officials and staff. Through this effective financial planning, Algonquin has lowered its 2016 property tax levy by 2.3 percent.
Algonquin’s Fiscal Year 2016 – 2017 budget represents a balanced $45 million financial plan that features $16.4 million in capital infrastructure investment. The budget document is available for viewing online.