In recognition for its financial transparency, Santa Fe Irrigation District (SFID) has received the Distinguished Budget Presentation Award for its Fiscal Year 2022 Budget Document. This is the 14th consecutive year SFID has received this honor by the Government Financial Officers Association (GFOA), an organization representing government finance officers in the United States and Canada dedicated to advancing excellence in public finance.
The award reflects the commitment of SFID Board and staff to meet the highest principles of governmental budgeting and meeting specific guidelines of the GFOA. These guidelines are designed to assess how well an entity's budget serves as:
- a policy document
- a financial plan
- an operations guide
- a communications device
The SFID Budget Document is compiled annually starting in the winter with approval by the Board in June. There are several opportunities for the public to review and comment on the document prior to Board approval. SFID staff has begun the budget review process for next fiscal year, taking into account current drought conditions and inflationary pressures.
Additionally, to align with SFID’s Strategic Business Plan objective to better manage pension liabilities to advance the goal for sustainable finances, the SFID Board approved a $1.0 million contribution to the Public Agency Retirement Services pension trust program (Trust). The Board decided to invest $1.0 million on current reserves in the Trust, which will allow SFID to invest these funds to earn a higher rate of return than what is possible under California Government Code restrictions. These investments – which include equities, corporate bonds, and real estate trusts – will allow SFID to reduce the total unfunded pension liabilities for pensions through this potential higher rate of return.
“A strong financial standing is critical to our operations and demonstrates not only our commitment to our community but also the vision and values of the organization,” said Board President Michael Hogan. “Recognition by the GFOA is an honor and the decisions of our Board and staff to responsibly manage our finances and consider sustainable investments will benefit our ratepayers for years to come.”