Page 105 - Hurst FY19 Approved Budget

bonds were used to refund, or “refinance,” outstanding debt in order to achieve savings
for the City. Such financial management has allowed the City to maintain extremely
favorable ratings from bond rating agencies. The ratings are as follows:

Moody’s Investor Standard &
Services Poors
General Obligation Bonds Aa2 AA
Water & Sewer Obligations Aa2 AA
Half Cent Sales Tax Bonds Aa3 AA

Distinguished Budget Presentation Award

GFOA established the Distinguished Budget Presentation Awards Program in 1984
to recognize exemplary budget documentation by state and local governments as
well as public universities and colleges. Entities participating in the program submit
copies of their operating budget to GFOA for review within ninety days after budget
adoption. After a preliminary screening, eligible budgets are sent to three independent
reviewers who are members of GFOA’s Budget Review Panel. Using extensive criteria,
the reviewers evaluate the effectiveness of the budget as a policy document, a financial
plan, an operations guide and a communication device.

GFOA’s goal is to serve government finance by providing education and information,
by developing new technology, by representing the state and local finance officers’
positions before legislative and regulatory bodies, and by establishing standards of
excellence and avenues for networking.

To receive the award, budgets must be judged “Proficient” in all four major award
categories by two of the three out-of-state reviewers. The highest rating is “Outstanding.”
To be judged “Outstanding,” all three reviewers must agree for a specific category. The
City has received the Distinguished Budget Presentation Award for the Fiscal Year 2017-
2018 budget. In addition to receiving the Distinguished Budget Presentation Award for
thirty consecutive years, the City has received the following special recognitions:

Previously
• Outstanding as a Policy Document
• Outstanding as a Policy Document and Communications Device
• Outstanding as an Operations Guide
• Especially Notable as a Policy Document, an Operations Guide and a
Communications Device

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