Cambridge, Ont. — The City of Cambridge has received national recognition for its financial reporting for the 10th consecutive year, earning the Canadian Award for Financial Reporting (CAnFR) from the Government Finance Officers Association of the United States and Canada (GFOA).
The award recognizes the municipality’s 2024 Annual Financial Report, which was evaluated by an impartial Canadian Review Committee and found to meet the program’s standards for clarity, transparency and completeness. City officials said the recognition reflects ongoing efforts to make municipal finances easier for residents to understand, while demonstrating responsible management of public resources.
The City said the report was assessed against the program’s high standards and praised for presenting a clear and comprehensive financial picture, offering readers an accessible explanation of Cambridge’s financial position and performance.
“Winning this award is a significant achievement for the City and reflects our commitment to transparency and excellence in financial reporting,” said City Manager Rob Axiak. “This work is championed by our finance and corporate communications teams and made possible through the support and collaboration of every City department, ensuring residents receive clear and accessible financial information.”
Municipalities across Canada face growing pressure to demonstrate accountability as they manage rising infrastructure demands, inflation-driven costs and changing service expectations. Awards such as the CAnFR are designed to encourage public-sector organizations to go beyond minimum reporting requirements and produce documents that are both technically accurate and readable for a broad audience.
Cambridge officials said receiving the award again reinforces the City’s long-term commitment to responsible financial stewardship, transparency and accountability—principles that are also tied to the municipality’s strategic planning framework.
City staff pointed to the recognition as a sign of consistent organizational performance, noting that the award represents a significant accomplishment and supports the City’s broader goals under its strategic plan, Cambridge Connected.
The Canadian Award for Financial Reporting Program is intended to encourage municipalities and other government organizations to publish high-quality annual financial reports that are efficiently organized and easy for the public to read. The program also aims to promote best practices in public-sector reporting, including clear explanations of financial results and improved communication of key information.
The award is administered by the GFOA, a North American association that supports government finance professionals and promotes best practices through training, research and professional resources. The organization has more than 25,000 members across Canada and the United States.
Cambridge residents and stakeholders can view the City’s annual financial reports through the municipal website, while information about the CAnFR program is available through the GFOA.
