Latest news with #ACFR
Malaysian Reserve
02-07-2025
- Business
- Malaysian Reserve
Water Replenishment District Receives Certificate of Achievement for Excellence in Financial Reporting for 21st Consecutive Year
LAKEWOOD, Calif., July 2, 2025 /PRNewswire/ — The Water Replenishment District (WRD) has once again been recognized for its commitment to financial transparency, accountability, and reporting. The Government Finance Officers Association (GFOA) has awarded WRD the Certificate of Achievement for Excellence in Financial Reporting for its 2024 Annual Comprehensive Financial Report (ACFR). This achievement marks the 21st consecutive year WRD has received this prestigious award, which is the highest form of recognition in governmental accounting and financial reporting. Established in 1945, the GFOA's Certificate of Achievement for Excellence in Financial Reporting Program encourages state and local governments to exceed the minimum requirements of generally accepted accounting principles. The award recognizes agencies that demonstrate a commitment to transparency and full disclosure through comprehensive, clearly presented financial reports. 'I am proud of WRD's longstanding dedication to financial excellence and transparency, reflected in over two decades of this recognition from GFOA,' said WRD Division 2 Director and Chair of the Finance & Audit Committee, Robert Katherman. 'Responsible budget management and high-quality groundwater stewardship are at the heart of our mission. We look forward to upholding these standards for many years to come as we continue to protect our region's vital water resources.' This achievement underscores WRD's commitment to sound fiscal practices and the integrity of its accounting team. To view WRD's current and past Annual Comprehensive Financial Reports, please visit our website by clicking here. The Water Replenishment District is the regional groundwater management agency that protects and preserves the quantity and quality of groundwater for two of the most utilized urban basins in the State of California. The service area is home to over ten percent of California's population residing in 43 cities in southern Los Angeles County. WRD is governed by a publicly elected Board of Directors which includes Joy Langford., Rob Katherman, John D. S. Allen, Sergio Calderon, and Vera Robles-DeWitt. Contact: Angelina MancillasAmancillas@ 275-4231
Business Wire
02-07-2025
- Business
- Business Wire
Gravity Unveils New Brand Identity as It Prepares to Launch the Next Generation of Financial Disclosure Reporting
MIAMI--(BUSINESS WIRE)--Gravity, the fastest-growing disclosure automation company in North America, today unveiled a bold new brand identity that reflects the company's momentum and vision for the future of government finance. As governments face increasing pressure to modernize outdated financial systems, the demand for efficient, compliant, and transparent reporting has never been higher. The rebrand includes a refreshed look, a new domain, and signals the company's expansion into a broader product portfolio designed to reshape how governments manage financial data. More than 230 governments across 40 states rely on Gravity to prepare their most visible and scrutinized financial documents. Purpose-built for the public sector, Gravity enables teams to reduce Annual Comprehensive Financial Report (ACFR) preparation time by up to 85%, streamline audit readiness, and eliminate the rework and risk that come with manual processes. With an industry-leading retention rate, Gravity is becoming the long-term partner of choice for finance leaders who are ready to move beyond spreadsheets and establish a robust, connected reporting process. 'This rebrand is more than a new visual identity—it's a reflection of who we've become as a company and the impact we're making,' said Cheryl Stookes, Chief Marketing Officer. 'Our customers are telling stories of transformation. And now, we're stepping forward with a brand that matches the strength of our platform and the clarity of our mission.' The next phase of Gravity's platform is shaped by the needs of modern government, guided by deep customer partnerships, and powered by new AI capabilities, transforming how finance teams work and how governments engage the public. Developed in collaboration with leading agencies and audit experts, our upcoming portfolio strengthens planning, budgeting, and disclosure with smarter automation, real-time compliance, and greater accessibility. This evolution positions Gravity as the central platform for finance teams striving to meet rising expectations for transparency, accountability, and performance. 'We're not just speeding up reporting—we're rethinking how it's done,' said Tyler Davey, Chief Executive Officer of Gravity. 'Public finance teams have been expected to hit higher standards with outdated tools. We're changing that, and our growth is proof that the market is ready.' Gravity's platform spans ACFRs, budget books, CIP planning, lease and debt management, and more—all powered by its proprietary Multidimensional Financial Data Model (MDFM). With deep roots in disclosure and an integrated approach across the full financial cycle, Gravity is defining the category of connected financial management for the public sector, linking data, processes, and outcomes in a way that legacy systems or point solutions simply cannot. 'Our approach combines human and industry expertise with AI automation to reimagine and simplify the full scope of public finance,' said Harish Pandian, Chief Product Officer. 'We're building a connected platform that enhances judgment, accelerates workflows, and gives teams the control they need from planning through publication.' About Gravity Gravity is the only platform purpose-built to automate and connect the full scope of public sector financial reporting. From ACFRs to budget books and compliance disclosures, Gravity helps governments reduce manual work, accelerate audit readiness, and publish with confidence. With over 230 customers across over 40 states, Gravity defines the category of connected financial management—bringing together data, processes, and public trust. To learn more, visit
Chicago Tribune
30-06-2025
- Business
- Chicago Tribune
Chicago ended 2024 with a $161M deficit
Mayor Brandon Johnson's already gaping budget hole will be even tougher to fill heading into next year as City Hall officials on Monday closed the book on the 2024 fiscal year, showing the city's general fund was $161 million underwater. Major sources of revenues in the city's general fund came in far lower than anticipated, most notably a $175 million pension payment that City Hall wanted Chicago Public Schools to pay back but didn't, and a $165 million drop in personal property replacement taxes from the state. In all, general fund revenues in the $16.77 billion budget were $378 million lower than the city expected. Those hits essentially drained the city's 'unassigned fund balance' — a slice of reserves that have helped deflect some big budget hits. The city's overall reserve balance at the end of 2024 stood at more than $1 billion, down from a high of $1.94 billion at the end of 2022 when the city was flush with federal pandemic relief dollars. The biggest drawdowns on those reserves were to make extra pension payments designed to keep the four major pension funds afloat and reduce payments in the long term. Although city budget officials argued the balance in those reserves was on par with what it was before the pandemic and that the city still had plenty of cash on hand, ratings agency Fitch warned earlier this year that the city has a 'dwindling cushion' in its overall reserves. 'Even in the face of extraordinary financial pressures, we stayed focused on making critical investments in our people and our communities to lay the foundation for the long-term fiscal stability of our city,' Johnson said in a release that touted his $1.25 billion housing and economic development plan and other community development grants. 'This year's ACFR reflects not only the realities of our current financial landscape but also our commitment to putting people first.' 2024 expenditures were $217 million lower than projected, helping stem the tide of last year's revenue underperformance. 'General government' costs were about $400 million below projections, including a much smaller subsidy for paying down other debts. Chief Financial Officer Jill Jaworski said those 'significant reductions' in spending were 'very effective.' Those savings were, however, undercut by $207 million in additional public safety costs that have plagued Chicago's budget year after year. City officials said overtime costs at the Chicago Police Department and big court settlements were the main drivers. The figures were released Monday by City Hall officials as part of the Annual Comprehensive Financial Report, or ACFR, which is the final tally of expenditures and revenues from the previous year that the city publishes every summer. Johnson's budget team briefed reporters and members of the City Council on the figures Monday afternoon, a kickoff to the fall budget season. In detailing the city's finances, the City Hall leaders were optimistic CPS would reimburse the city for last year's $175 million pension payment for nonteacher staff. The proposed payment by CPS was controversial as former CPS CEO Pedro Martinez said it was financially imprudent for the school district, an opinion that hastened his eventual departure. Current CPS leadership is 'being realistic about what their actual budget gap is, and it does recognize this commitment toward' the payment to the pension fund, budget director Annette Guzman said. Macqueline King, the district's interim leader who took over for Martinez, tacked on that pension cost when announcing the district's roughly $730 million deficit last week. The city hopes to largely offload 'entanglement' costs as CPS moves further away from mayoral control. 'We are the only city in Illinois who pays for the pension contributions for non-employees,' Jaworski said. 'It's a significant cost to us and it's one that we don't control.' The city's revenue shortfall was expected, said Ald. Pat Dowell, chair of the City Council's Finance Committee. She praised the city for controlling costs when it anticipated the shortfall and improving its pension standing. Work on the city's next budget is well underway, she said, touting an effort to bring down police and fire costs by getting more sidelined personnel back to work. Aldermen are already exploring several new revenue streams to help fill what Johnson has hinted would be a deficit of more than $1 billion, including light pole advertising, higher towing and storage rates, and efforts to authorize video gambling terminals within city limits. Johnson's budget team on Monday previewed a study they plan to release next month showing that the benefits of introducing the gambling machines to city bars and restaurants would be minimal at best and would likely in job cuts at the city's only casino, Bally's. While some aldermen and state legislators have pointed to the terminals as a relatively painless revenue source, opponents have argued that the change would cannibalize business at the city casino, where a portion of the revenues is dedicated to paying down police and fire pension costs. City officials said their outside study estimated the terminals would bring in, at most, just $200,000 in net revenues for 2026 and $12 million in 2027. Total gambling revenues could also fall, they estimated, on top of the city likely losing a guaranteed $4 million annual 'community payment' under their current agreement with Bally's. Hundreds of jobs at Bally's would also be cut, they said the study estimated. There were some silver linings in the briefings: through this May, expenditures in the city's corporate fund were $79 million lower than expected, while revenues were $79 million higher. And the city's four pension funds saw slight improvements, the report showed. In 2024, their combined 'funded ratio' — the percentage that compares the funds' total holdings against their total liabilities — was 26.2%, up from 24.8% the previous year. Across the four funds, however, the total unfunded liability was $35.8 billion, slightly down from last year when it was $37.2 billion.
Business Wire
25-06-2025
- Business
- Business Wire
Euna Solutions Helps Governments Create Accessible, Award-Ready Digital ACFRs
ATLANTA & TORONTO--(BUSINESS WIRE)-- Euna Solutions ®, a leading provider of purpose-built SaaS solutions for the public sector, now enables governments to create digital ACFRs using its advanced reporting capabilities within Euna Budget. This new capability will be unveiled at the upcoming Government Finance Officers Association (GFOA) 2025 Annual Conference. Live demonstrations will take place at Booth #621, where Euna will showcase how agencies can streamline the production of accessible, GFOA award-aligned financial reports with integrated data and flexible reporting tools. 'Public sector finance teams are being asked to deliver clearer, more accessible annual reports while managing growing complexity,' said Tom Amburgey, CEO of Euna Solutions. 'Our financial reporting capabilities help agencies simplify reporting..." Share 'Public sector finance teams are being asked to deliver clearer, more accessible annual reports while managing growing complexity,' said Tom Amburgey, CEO of Euna Solutions. 'Our financial reporting capabilities help agencies simplify reporting, improve transparency, and deliver award-ready reports without adding technical burdens or resource strain.' Euna's publishing and reporting capabilities simplify the creation of a digital ACFR and empower finance teams to meet today's priorities for accessibility, accuracy, and transparency — while also helping agencies stay positioned for evolving federal reporting standards such as the Financial Data Transparency Act (FDTA). Offered to both new and existing customers, the new feature is designed for local governments, utilities, and special districts seeking to modernize their financial reporting processes. Key capabilities include: Compliance confidence: Produce reports that meet GFOA award requirements and align with GASB standards using built-in templates and smart checklists. Inclusive by design: Ensure full accessibility with ADA, ACA, and WCAG-compliant output. Data-driven accuracy: Leverage up-to-date data from Euna Budget to ensure consistency, improve accuracy, and eliminate redundant data entry. Flexible reporting: Create financial statements using advanced reporting functionality that supports custom layouts and dynamic formatting, and reduces manual edits to streamline report creation. Version mastery: Simplify ongoing updates and publishing by eliminating version control issues and enabling teams to easily republish corrected or updated reports. Full visibility: Present financial data in a clear, easy-to-navigate digital format that enhances transparency for stakeholders, auditors, funders, and the public. The solution integrates seamlessly into Euna Budget and is part of OpenBook, Euna's transparency solution. It extends the company's broader financial transparency and reporting capabilities, allowing agencies to share digital-first ACFRs while retaining the option to export and print for formal submissions or internal documentation. While the federal Financial Data Transparency Act (FDTA) continues to evolve, these digital ACFR capabilities are designed with future standards in mind, helping agencies stay aligned with evolving federal requirements while focusing on today's immediate priorities for accessibility, accuracy, and transparency. 'This solution meets agencies where they are today and helps position them for what's ahead,' added Amburgey. "Finance teams can focus on delivering clear, transparent financial information to their communities to ultimately increase public trust and reinforce the value of taxpayer dollars." To learn more about Euna Budget's ACFR capability, visit the Euna Solutions booth at GFOA 2025 Booth #621 for a live demo or visit About Euna Solutions Euna Solutions ® is a leading provider of purpose-built, cloud-based software that helps public sector and government organizations streamline procurement, budgeting, payments, grants management, and special education administration. Designed to enhance efficiency, collaboration, and compliance, Euna Solutions supports more than 3,400 organizations across North America in building trust, enabling transparency, and driving community impact. Recognized on Government Technology's GovTech 100 list, Euna Solutions is committed to advancing public sector progress through innovative SaaS solutions. To learn more, visit
National Post
17-06-2025
- Business
- National Post
Strada Unveils Automated ACFR App to Transform Public Sector Financial Reporting
Article content Article content New app streamlines compliance, boosts efficiency and frees finance teams from the manual burden of year-end reporting Article content Article content MIAMI — Strada, the leading provider of end-to-end payroll, human capital, and financial management solutions, proudly announces its new Workday Marketplace app, Automated Annual Comprehensive Financial Report (ACFR). Scheduled for release on the Workday Marketplace in late summer 2025 and purpose-built for U.S. state and local governments, the app can replace time-consuming reporting with intelligent automation to enhance the speed, accuracy, and consistency of ACFR preparation. Article content Preparing an ACFR is a legal requirement for most U.S. government entities and a cornerstone of transparency and compliance with Governmental Accounting Standards Board (GASB) regulations. Yet for many public sector entities, the process remains highly manual, error-prone, and reliant on outdated systems. Article content Strada's Automated ACFR will address these challenges directly by connecting to Workday Adaptive Planning, which will help customers automate data extraction, formatting, and version control. The app will allow customers to compile all required ACFR content, from financial statements and narrative disclosures to trend data and statistical tables, dramatically reducing manual effort while improving accuracy, consistency, and auditability. Article content Finance teams using the Automated ACFR app will expect to see, on average: Article content 80% reduction in the time required to produce an ACFR 50% reduction in manual effort needed to compile the report Estimated annual savings of $110,000 to $160,000 Article content ' With increasing scrutiny on public sector finances, timely and accurate reporting is more important than ever,' said Steven Porter, Head of Public Sector Sales at Strada. ' This new app will empower finance leaders to deliver ACFRs with less manual work, fewer errors, and more confidence in compliance.' Article content Automated ACFR will be generally available by the end of 2025. The initial release will deliver robust automation and template-driven reporting capabilities, aligned within established Government Finance Officers Association (GFOA) Excellence in Financial Reporting Program standards and designed to bring immediate, high-impact value to public sector finance teams. Looking ahead, Strada is also developing embedded AI agents to further enhance the solution. Set to debut in early 2026, the agents will assist with drafting, editing, and refining complex narrative sections, helping ensure consistency, clarity and compliance year over year. By referencing both prior-year reports and current-year data, the AI agents will: Article content Update management discussion and analysis (MD&A) sections Align commentary with updated charts, figures, and tables Maintain a consistent tone and structure year over year Suggest clearer, more concise phrasing while preserving format Article content ' Our vision is to support public sector teams not just with automation, but with intelligent assistance that makes complex reporting faster, clearer, and more consistent,' Porter added. ' We want to help these skilled financial professionals focus on insight, not admin and free them from time consuming, repetitive tasks so they can deliver greater value for their communities.' Strada will showcase the new Automated ACFR app at the upcoming GFOA Annual Conference (June 29 – July 2) in Washington, D.C. at the Walter E. Washington Convention Center, Hall E, Booth #641. Attendees can book a one-on-one demo to explore how the solution simplifies ACFR preparation, reduces compliance risk, and prepares for future AI-driven innovation. Article content Article content Article content
