City Receives Financial Reporting Award

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Updated: 12/04/2012 12:38 pm
This christmas season santa is coming a little early to the city of pocatello with the gift of savings, to the tune of about 1.8 million dollars.

For the eighth consecutive year the city of pocatello has been recognized by the government finance officer's association for excellence in financial reporting.

The certificate of achievement is the highest form of recognition in governmental accounting according to the GFOA.

David swindell, Chief Financial Officer for the city says this award works almost like a credit score.  It shows city officials are not only doing their job the right way, but it also allows them to re-finance any loans at a better interest ray.

For example, when the city refinanced the sewer debt they received an interest rate of about 1.4%. Giving pocatello a savings of around 163 thousand dollars a year.

“When you receive the award, they also tell you here are a few nits and things you can do to improve for next year because you might not get it and this year’s list wasn’t very long and that felt really nice,” said David Swindell.

Swindell say The city hopes to pass this savings on to customers by moderating future sewer rate increases  
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