NYCHA Recognized for Excellence in Financial Reporting
Awarded for 18th Year in a Row
On Thursday, May 12, the Government Finance Officers Association (GFOA) of the United States and Canada awarded the New York City Housing Authority (NYCHA) with a Certificate of Achievement for Excellence in Financial Reporting for its annual comprehensive financial report for the fiscal year that ended on December 31, 2020. The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and the citation marks the eighteenth straight year that NYCHA has been recognized by the impartial panel for meeting the program’s high standards and demonstrating a constructive “spirit of full disclosure” to communicate its financial story – motivating potential users and user groups to read the report.
In March 2021, NYCHA released the Transformation Plan as part of the Blueprint for Change, a vision for significant yet sustainable change to NYCHA’s governance and leadership structure, property management systems, and central support functions. Under this strategic plan, developing and maintaining appropriate financial policies and procedures to manage working capital effectively and providing sound advice on the financial implications of Board decisions was identified as a key focus of the Authority.
“The Authority is committed to transparency and accountability with residents and stakeholders, creating avenues to make our Board meetings open to the public and providing opportunities for residents to provide public comment,” said NYCHA Chair and CEO Greg Russ. “Receiving the Certificate of Achievement for Excellence in Financial Reporting for the eighteenth straight year is a testament to the efforts we’ve made to improve practices in disclosure and open data, and we are honored that our peers in government have recognized us through this prestigious national award.”
“NYCHA has a $4 billion operating budget, and we take great pride in ensuring strong fiscal policy and integrity as we safeguard public funds,” said NYCHA Chief Financial Officer and Executive Vice President of Finance Annika Lescott-Martinez. “The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and the continued stamp of approval provided by our peers is a testament to the hard work, collaboration, and excellence of the entire Finance Department.”
Over the last seven years, the Authority has focused a significant portion of its technology investment on new tools and programs designed to improve information access to NYCHA’s financial picture, resident engagement tools, and customer service. All NYCHA Board meetings are open to the public, streamed live, and available on the NYCHA YouTube channel. Video of the most recent Board meeting, as well as Board resolutions and minutes, are posted for public review on NYCHA’s website.
NYCHA is also required by law to publicly report its Annual Public Housing Agency Plan and Significant Amendments. These executive summaries are provided in English, Spanish, Chinese, and Russian. Public hearings for the Annual Plan and amendments are broadcast live on NYCHA’s website and featured on NYCHA’s YouTube channel.
More information on NYCHA’s Annual Plan and other financial information can be found here, and the Annual Plan for Fiscal Year 2022 can be found here.
