HomeMy WebLinkAbout101-GFOA Award Report.pdf SARATOGA CITY COUNCIL
MEETING DATE: June 1, 2011 AGENDA ITEM:
DEPARTMENT: Finance & Admin Services CITY MANAGER: Dave Anderson
PREPARED BY: Mary Furey DIRECTOR: Mary Furey
SUBJECT: Government Financial Officers Association Awards
RECOMMENDED ACTION: That Council review report and accept the Governmental Finance Officers Association awards for the
City of Saratoga’s Fiscal Year 2009/10 Comprehensive Annual Financial Report (CAFR) and Fiscal
Year 2010/11 Operating and Capital Budget.
BACKGROUND:
The Government Finance Officers Association of the United States and Canada (GFOA) is a nonprofit
professional association serving over 17,600 government finance professionals throughout North
America. The GFOA sets national standards for excellence in financial reporting and establishes
evaluation and award programs to encourage and assist state and local governments to go beyond the
minimum requirements of generally accepted accounting principles and prepare documents of the very
highest quality. Under the award programs, state and local governments that succeed in preparing reports
and budgets that reflect established standards, guidelines and best practices in the spirit of transparency
and full disclosure are recognized for achieving that goal. The Certificate of Achievement is the highest
form of recognition in the area of governmental accounting and financial reporting, and its attainment
represents a significant accomplishment by a government and its management
CAFR reports submitted to the Certificate of Achievement for Excellence in Financial Reporting
Program are reviewed by selected members of the GFOA professional staff and the GFOA Special
Review Committee (SRC), which is comprised of individuals with expertise in public-sector financial
reporting and includes financial statement preparers, independent auditors, academics, and other finance professionals. Budgets submitted to the Distinguished Budget Presentation Award Program are reviewed by selected members of the GFOA professional staff and by outside reviewers with experience in public-sector budgeting. REPORT SUMMARY: In April, the City of Saratoga received notification that the City’s CAFR for the fiscal year ended June
30, 2010 received a Certificate of Achievement for Excellence in Financial Reporting and that the
Operating and Capital Improvement Budget for Fiscal Year 2010/11 received the GFOA’s Distinguished
Budget Presentation Award.
Staff is proud to note that the City received the CAFR award for the17th straight year, and is also proud
to announce that the City received its first GFOA Budget Award since 1998.
FISCAL IMPACTS:
None
CONSEQUENCES OF NOT FOLLOWING RECOMMENDED ACTION:
None ALTERNATIVE ACTION: N/A
FOLLOW UP ACTION: N/A
ADVERTISING, NOTICING AND PUBLIC CONTACT: Pursuant to Government Code 54954.2, this item was properly posted as a City Council agenda item and
was included in the packet made available on the City’s website in advance of the meeting. A copy of
the agenda packet is also made available at the Saratoga Branch Library each Monday in advance of the
Council meeting.
ATTACHMENTS:
Attachment A: FY 2009/10 CAFR Award
Attachment B: FY 2010/11 Budget Award