City officials on Tuesday presented the latest Popular Annual Financial Report (PAFR), which allows Owensboro to receive accolades that foster economic growth and provides the public with an easy-to-understand document of the City’s financial position.
Copies of the PAFR Fiscal Year June 30, 2020 can now be accessed via the city’s website or Facebook Page, or hard copies can be picked up at City Hall.
According to Director of Finance and Support Services Angela Waninger, the PAFR fulfills the OBKY recommendation of making two annual reports regarding the city’s financial status available to the public.
The report offers a breakdown of the city’s general fund expenditures by expense type, accolades received by the city, and other items of interest.
This year’s report shows the City of Owensboro spends 50% of its funding on salaries and benefits, which include employer-related expenses such as payroll taxes and pension costs.
Of that amount, 73% is dedicated to public safety, Waninger said.
“The City is in the business of providing services to our residents with public safety as our priority,” she added.
The accolades section serves as a good opportunity to show the public how well the city is doing financially, Waninger said.
“Rating agencies look for this as a measure of a city’s financial position in reporting, as well as other features the city has to offer,” Waninger noted. “Also, businesses and investors look to these documents and awards for information on good potential places to be.”
The “Items of Interest” category included in the PAFR highlights the projects and events of notoriety that have recently taken place in the city. Some of those include the bridge lighting, new pickleball courts, playground replacements at Dugan Best and Thompson Berry parks, the City’s Healthy at Home fireworks display, the Gold Star Families monument, and completed renovations at Jack C. Fisher Park.
Waninger said the report also fulfills a recommendation made by City Manager Nate Pagan to create it in the form of a PAFR, which is an awards program established by the Government Finance Officers Association (GFOA).
The City of Owensboro has received two GFOA awards for the reports.
The City of Owensboro has received the Distinguished Budget Presentation Award 21 times, and the Certificate of Achievement for Excellence in Financial Reporting 39 times.