Page 78 - Hurst Budget FY21

Financial Plan continued

line item justifications are available for all budgetary requests if needed. The approved operational
budgets are included in the Comprehensive Annual Financial Report (CAFR) for comparison
purposes. Any excess revenues over expenditures for the General Fund are transferred to the
Special Projects Fund at the end of the fiscal year to purchase unfunded budget needs approved by
the City Council.

BOND RATING INFORMATION

The City issued Sales Tax Revenue Refunding Bonds and General Obligation Refunding Bonds in
fiscal years 2002-2003, 2003-2004, 2006-2007, 2008-2009, 2010-2011, 2011-2012, 2012-2013,
2014-2015, 2015-2016, and 2016-2017. Proceeds from the sale of these 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
Service s & 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 2019-2020 budget. In addition to
receiving the Distinguished Budget Presentation Award for thirty-two consecutive years, the City has
received the following special recognitions:

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

CERTIFICATE OF ACHIEVEMENT

The Government Finance Officers Association of the United States and Canada awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City for its comprehensive
annual financial report for fiscal year ended September 30, 2019. The City of Hurst has received
forty-five Certificates of Achievement, for excellence in Financial Reporting.
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