The city of Federal Way was awarded the Certificate of Achievement for Excellence in Financial Reporting for the city’s 2012 comprehensive annual financial report, according to a press release from the city.

The award is presented by the Government Finance Officers Association of the United States and Canada, and is the 21st consecutive year the city has earned the achievement.

Mayor Jim Ferrell gave credit where credit is due.

“This award is a reflection of the city’s commitment to outstanding financial management,” Ferrell said. “It also reflects the hard work and dedication of an excellent Finance Department.”

According to the city, “The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by the city of Federal Way and its management.”

“The [program] has significant benefits to our citizens, including financial transparencies, lowers the cost of borrowing and it helps to maintain the city’s good credit rating,” said Ade Ariwoola, the city’s finance director. Ariwoola is quite familiar with the program, as he sits on the board of the Government Finance Officers Association.

The city notes that the program is quite rigorous, with the last reporting period in 2011 showing that only 36 out of 281 Washington cities received the award that year.