BEREA — The City of Berea recently received high marks for budget transparency and financial health, according to a recent report by Finance Director Susan Helton.
Helton briefed the Berea City Council during last Tuesday’s business meeting, noting the city won the Distinguished Budget Presentation Award for Fiscal Year 2024. It is the third year in a row that Berea has achieved that distinction, which is awarded by the Government Finance Officers Association (GFOA), Helton said.
According to Helton, the GFOA evaluates budgets for excellence as a policy document, financial plan, operations guide and communications tool, among 25 other criteria. Helton credited others for their part in securing the award for Berea.
“It’s a really high bar. Right now there are only five other cities in Kentucky that are receiving this, so I hope that everybody is very proud of this award, from the department heads, to the mayor, to the city administrator and to the council for all of their efforts in putting this budget together. We should all be very proud of this,” Helton said. “I hope it also supports the public’s confidence in the level of professionalism and transparency that the annual budget provides. It’s a big win for the city.”
Berea’s annual budget can be found online at:
https://city-berea-ky-budget-book.cleargov.com/7940/introduction/transmittal-letter/
Council Audit and Finance Committee Chair Steve Caudill said Berea’s budget may be the most accessible and intuitive city spending plan he’s seen, thanks to the efforts of the Finance Department.
“Congratulations to you and the entire department and the department heads,” Caudill told Helton. “It is so quick, intuitive and informative. It is exceptional from top to bottom to look at our budget online compared to anyone else’s that I’ve ever seen. That is solely because of the work you and your department do.”
In other financial news, Helton announced the City of Berea received a high rating in a Moody’s research publication for investors and creditors. In its Annual Issuer Comments Report, Berea scored high.
“Berea currently has a AA3 credit rating, which is classified as a high investment rating so, that’s really good. AA3 is the fourth highest rating on a scale of 21. That says a lot about the financial well-being of the city,” Helton said.
