October 7, 2003

Chicago Transit Authority has been awarded the Distinguished Budget Presentation Award for its 2003 fiscal year budget from the Government Finance Officers Association (GFOA). This is the thirteenth consecutive year the CTA has won the award.

The Budget Awards program is designed to encourage government agencies to prepare budget documents of the highest quality to meet the needs of those who make decisions within the agency and private citizens. The award is the highest honor given for governmental budgeting and is presented to those government units whose budgets are judged to adhere to program standards.

To receive the award a government entity must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan and as a communications device.

"It is important for public agencies to maintain financial accountability and we believe our budget documents convey our financial position clearly and concisely," said CTA President Frank Kruesi. 'securing funding for ongoing and new initiatives is more challenging than ever before, so it is essential for the CTA to publish a budget document that clearly spells out our accomplishments and plans for the future."

GFOA is the professional association of state/provincial and local finance officers in the United States and Canada, and has served the public finance profession since 1906. The association's nearly 15,000 members are dedicated to the sound management of government financial resources.

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