DERRY — It has become an annual occurrence and a point of pride for the town’s administration and financial officers.

Once again, the town has been recognized by the Government Finance Officers Association of the United States and Canada with a certificate of achievement for excellence in financial reporting for its Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2011.

The certificate of achievement is the highest form of recognition in the area of governmental accounting and financial reporting, according to Frank Childs, town finance director.

Additionally, the town’s finance department, which had the primary responsibility for preparing the annual financial report, was given an award of financial reporting achievement.

According to Childs, the CAFR was judged by an impartial panel to ensure that it met the standards of the program, including demonstrating a constructive spirit of full disclosure to clearly communicate the town’s financial story and motivate potential users to read the CAFR.

“The town is proud to have again received this prestigious award for the 14th year in a row recognizing the town for excellence in financial reporting to its citizens,” said Town Administrator John Anderson. “This independent, impartial panel review of our report ensures that our town continues to maintain the highest standards of financial reporting.”

Anderson said the compilation of the report required a significant effort by the town’s finance department headed by Childs and controller Janice Mobsby, along with staff members Mark Fleischer, Bob McCarthy, Debbie Mallioux, Sonata McPhail and Paula Woodworth.

Essentially, the CAFR encourages municipalities to go beyond the bounds of the typical government audit, encouraging officials to craft a more readable and understandable picture of a town’s finances for the public.

Typically, the town files for the CAFR at the end of the calendar year.

aswift@newstote.com