Tallmadge -- Ohio State Auditor Dave Yost's Office has recognized the city of Tallmadge Finance Department for its excellence in financial reporting by awarding it the Ohio Auditor of State Award with Distinction for the fiscal year ending in 2012.
Finance Director Steve Shanafelt said every year for more than 20 years, the finance department has submitted an optional Comprehensive Annual Financial Report [CAFR].
After the auditors's office completes the city's mandatory annual audit, the finance department uses information from it to create the CAFR, a document that's available to the public that provides more financial and economic information about the city, including debt, revenue, accounting principles and economic outlook.
"[The award is] recognizing the fact that we do put together that comprehensive report, that we do do a good job and that we've had a clean audit," Shanafelt said.
He explained that an audit, although a public document, is meant to be more for the city's internal use. The CAFR is created to provide more transparency to the public.
The report is available at the finance department.
The state auditor's office released the city's 2012 audit in July that showed no significant findings.
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