Delaware River and Bay Authority Recognized for Excellence in Financial Reporting
Earns Government Finance Officers Association (GFOA) Award for Fifteenth Consecutive Year
NEW CASTLE, Del. – The Government Finance Officers Association of the United States and Canada (GFOA) recently awarded the Certificate of Achievement for Excellence in Financial Reporting to the Delaware River and Bay Authority (DRBA) for its Comprehensive Annual Financial Report (CAFR) for the fiscal year ended December 31, 2019. The Certificate of Achievement is the highest form of recognition in the area of government accounting and financial reporting, and its attainment represents a significant accomplishment by the government and its management.
As the individual primarily responsible for preparing the award-winning CAFR, Joseph Larotonda, Director of Finance for the DRBA, was presented with the Award of Financial Reporting Achievement.
“The Authority’s exceptional finance and accounting team understands that accurate and transparent reporting are key components of operational excellence, and we’re honored to receive this prestigious award for the fifteenth consecutive year,” said DRBA Chief Financial Officer Victor Ferzetti. “The goal is to produce the Authority’s financial information in an easily readable and organized manner for our customers and stakeholders. The award recognizes our commitment to proper disclosure.”
The GFOA instituted the program to encourage all government entities to prepare and publish an easily readable and understandable CAFR covering all funds and financial transactions of the government during the fiscal year. The GFOA believes that governments have a special responsibility to provide the public with a fair representation of their financial affairs.
The CAFR has been judged by an impartial panel to meet the high standards of the program, including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate customers and constituencies to read the CAFR. Headquartered in Chicago, Illinois with offices in Washington, D.C., the GFOA advances excellence in government finance by providing best practices, professional development, resources, and practical research for more than 21,000 members and the communities they serve.
About the Delaware River and Bay Authority
The DRBA, a bi-state governmental agency created by Compact in 1962, owns and operates the Delaware Memorial Bridge, the Cape May- Lewes Ferry, and the Forts Ferry Crossing. The DRBA also manages corporate and aviation properties through its economic development powers - two airports in New Jersey (Millville Airport and Cape May Airport) and three in Delaware (New Castle Airport, Civil Air Terminal and Delaware Airpark). All DRBA operating revenues are generated through the bridge, ferry and airport facilities. For more information, visit www.drba.net.
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