For the eighth year in a row, the Castaic Lake Water Agency has received the Certificate of Achievement for Excellence in Financial Reporting for their Comprehensive Annual Financial Report for the 2011-2012 Fiscal Year.

Awarded by the Government Finance Officers Association of the United States and Canada, the certificate is the highest honor for governmental accounting and financial reporting.

In 2010, only 3,751 government agencies across the nation received the honor.

“The agency is very proud to have won this distinguished award,” said Valerie Pryor, administrative services manager for the Castaic Lake Water Agency.

She said that to be eligible for the award, a government agency must meet much stricter criteria than the yearly audit required by the state.

A comprehensive annual financial report includes a community profile and 10 years of financial history for the agency.

Pryor said that because the certificate is awarded every year, government agencies are required to maintain a level of excellence.

“We certainly strive to win this award every year,” she said. “Every year we have to do the same level of work.”

Carlos Corrales, Controller for the Castaic Lake Water Agency, was designated as primarily responsible for preparing the report and recognized with the Award of Financial Reporting Achievement for an individual.

An impartial panel of judges determines whether or not the reports to meet the high standards of the program including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story.

The award is “a key to being a transparent government agency,” Pryor said.

About the Government Finance Officers Association

The Government Finance Officers Association is a nonprofit professional association serving approximately 17,600 government finance professionals. Their purpose is to enhance and promote the professional management of governments for the public benefit by identifying and developing financial policies and best practices and promoting their use through education, training, facilitation of member networking, and leadership.