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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