Lacey awarded for excellence in financial reporting

The Government Finance Officers Association (GFOA) honored the City of Lacey with the Certificate of Achievement for Excellence in Financial Reporting Program for its 2022 budget report.

During the Lacey council meeting on April 16, Chelsea Yarwood, the city’s Accounting Manager, said the recognition is a testament to Lacey's commitment to transparency and accountability in financial reporting.

“This is absolutely a team effort,” said Yarwood. “Every financial transaction from the multi-million-dollar capital project to the 99-cent office supply ends up in our annual financial report, so it truly takes everyone to be successful.”

Yarwood highlighted the rigorous process involved in qualifying for the award, adding that city staff must adhere to an extensive checklist of requirements.

Lacey has a track record of receiving the award for 23 consecutive years, with the exception of 2008, due to budget constraints.

Out of 1,952 incorporated cities and towns across the United States, only 56 agencies received the award in 2022, representing just 9.93%.

Within Washington State, Lacey is among the 25 out of 281 cities to be recognized, demonstrating its exemplary financial management practices.

Lacey Mayor Andy Ryder also expressed his gratitude to the city staff, noting that their hard work for the city does “not go unnoticed.”

“The fact that our city is willing to go the extra step in almost everything that we do – that really makes Lacey [an] amazing place,” said Ryder.

The GFOA, a nonprofit organization established in 1945, aims to support and advocate for public finance officials.

Their award program encourages state and local governments to exceed minimum accounting standards, ensuring comprehensive financial reports that prioritize transparency and full disclosure.