City of Torrance finance department wins GFOA, CSMFO awards for FY 2024-25 budget

City of Torrance Finance Director Ian Daley announced that the City of Torrance finance department received awards from the Government Finance Officers Association (GFOA) and the California Society of Municipal Finance Officers (CSMFO) for the fiscal year 2024-25 operating budget and capital improvement plan.

Daley said the recognition reflects the department’s emphasis on transparency and clarity in budget documents and noted the department is already developing the fiscal year 2025–27 operating budget and capital improvement plan. “We always lead with transparency,” Daley said.

Daley described the awards as recognition of the city’s “commitment to transparency, clarity, and comprehensive financial planning,” and said they help provide residents and local businesses with confidence in the city’s fiscal planning. He said the awards indicate the department’s efforts to make budget documents clear, concise and consistent with GFOA and CSMFO standards and that staff are working to ensure future documents continue to meet those standards.

Daley said the recognition marked the city’s third consecutive GFOA award. He also said staff are “hard at work planning out” the next operating budget and capital improvement plan covering fiscal years 2025 through 2027; no timeline or formal decision dates for that process were provided in the remarks.

No motions, votes or formal council actions were recorded during this announcement.

The department did not specify dollar amounts, detailed schedule milestones, or additional performance measures during the remarks. Daley framed the awards as part of an ongoing effort to produce a balanced budget and to maintain fiscal resiliency, and he said staff will continue collaborating with other departments as they develop the next budget cycle.