Springfield Airport Authority Recognized for Excellence in Financial Reporting

The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Springfield Airport Authority a Certificate of Achievement for Excellence in Financial Reporting for its 2015 fiscal year end Comprehensive Annual Financial Report, or CAFR. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

“One of the Springfield Airport Authority’s core principles is to be enterprising. Our CAFR underscores our commitment to have an entrepreneurial mindset that emphasizes innovation, transparency and financial efficiency,” said Frank J. Vala, chair of the Springfield Airport Authority.  Michael Houston, the authority’s finance and budget committee chair added, “This recognition is a direct reflection on the efforts of our staff and their attention to detail; they are to be commended for this achievement.”

When a Certificate of Achievement is awarded to a governmental entity, an Award of Financial Reporting Achievement (AFRA) is also presented to the individuals designated by the governmental entity as being primarily responsible for having earned the Certificate.  Michael Olinger, the authority’s long-time director of administration and finance, has earned an Award of Financial Reporting and Achievement.  “Michael has contributed greatly to the authority’s long standing commitment to financial responsibility and stewardship, he has earned this well-deserved recognition,” proclaimed Vala.

The Springfield Airport Authority is a multi-year winner of this award having received it the past 13 consecutive years. In order to be awarded the Certificate of Achievement, a government entity must publish an easily readable and efficiently organized comprehensive annual financial report whose contents conform to program standards. Such reports must satisfy both Generally Acceptable Accounting Principles (GAAP) and applicable legal requirements.

The CAFR was judged by an impartial panel to meet the high standards of the program which includes demonstrating a constructive “spirit of disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.