Key West earns 40th straight top award for city financial reporting

The City of Key West announced on January 12 that its Annual Comprehensive Financial Report for the fiscal year ended September 30, 2024, has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada. The award marks the 40th consecutive year the city has received the honor, a milestone that city leaders framed as validation of ongoing fiscal stewardship.

City Manager Brian L. Barroso praised the Finance Department in a letter to Finance Director Christina Bervaldi, noting the work required to meet the award's standards. “This recognition is a remarkable accomplishment,” Barroso wrote. “Earning this distinction requires not only technical accuracy and adherence to generally accepted accounting principles, but also a commitment to transparency, full disclosure, and clear communication of the City’s financial story. Your team has once again demonstrated excellence across all of these areas.”

The Government Finance Officers Association advances best practices and standards for public-sector accounting and reporting. Its Certificate of Achievement recognizes comprehensive financial reports that demonstrate sound accounting, clear disclosure and an understandable presentation of a municipality’s financial condition. For local governments, consistent attainment of the certificate signals adherence to professional accounting standards and a regular practice of publishing detailed financial information.

For Monroe County residents and Key West taxpayers, the practical effects are familiar: a well-prepared ACFR can improve transparency into how tax revenues, enterprise operations and grant funds are managed; it helps community members evaluate fiscal trends, reserves and long-term obligations. While the award itself does not change budgets or policy, it supports public confidence and provides a clearer basis for citizen oversight of spending priorities and service delivery.

The full ACFR for the fiscal year ended September 30, 2024, is available on the City of Key West website in the Finance Department section for anyone who wants to review revenue sources, expenditures, fund balances and notes on accounting policies. Residents who follow city finances closely should use the document to compare year-to-year trends, scrutinize reserve levels, and prepare questions for upcoming budget workshops and commission meetings.

The takeaway? Recognition for clean books is useful, but it is only one part of fiscal accountability. Our two cents? Read the report, bring specific questions to the next public budget session, and hold elected officials and managers to the transparency Barroso highlighted so that awards translate into informed local decisions.