Lake Forest Earns 'Triple Crown' For Financial Reporting For 4th Year

LAKE FOREST, IL — For the fourth year in a row, the City of Lake Forest has been awarded the prestigious "Triple Crown" from the Government Finance Officers Association.

The city's FY24 Popular Annual Financial Report was recognized as showcasing excellence in financial reporting, budgeting, and making financial information easy to understand.

“This recognition highlights the professionalism and dedication of our Finance Department team,” said Mayor Stanford Tack. “Residents can trust that their tax dollars are being managed responsibly, transparently, and effectively. Earning the Triple Crown for four years straight also reflects our commitment to fiscal stewardship, a top priority in the City’s 2025-2030 Strategic Plan.”

To be eligible for the PAFR Award, a government must also submit its annual comprehensive financial report to GFOA’s Certificate of Achievement for Excellence in Financial Reporting Program and receive the Certificate for the current fiscal year. Each eligible report is reviewed by judges who evaluate the report based on the following categories: reader appeal, understandability, distribution methods, creativity and other elements.

By winning this award, Lake Forest joins an exclusive group ofonly 354 governmental units in the U.S. that hold "Triple Cown" status. The city's achievements include:

• 46 years earning the GFOA Certificate of Achievement for Excellence in Financial Reporting
• 10 years earning the GFOA Distinguished Budget Presentation Award, including the FY26 budget
• 4 years earning the GFOA Popular Annual Finance Report Award

“We commend our Finance Department for consistently going above and beyond, making complex financial information clear and accessible while maintaining national-level excellence,” said City Council Finance Chair Alderman Eileen Looby Weber.

Find the award-winning reports on the City’s website.