HomeMy WebLinkAbout3.1 AwardExcellenceFinRptng
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File # D[2]I~UDl-r:i11QJ
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AGENDA STATEMENT
CITY COUNCIL MEETING DATE: November 28, 1995
SUBJECT:
Recognition of Award To City of Dublin
Il\ 1\/For Excellence in Financial Reporting
~.... Report Prepared by: Paul S. Rankin, Assistant City Manager
ExmBITS ATTACHED:
I Copies of the Certificates
RECOMMENDATION: ~ Receive the award..
DESCRIPTION: For the past five years the City of Dublin has submitted its
Comprehensive Annual Financial Report (CAFR) to the recognition programs supported by
Government Finance Associations. The CAFR includes the fmancial information contained in the
annual audit, plus additional extensive schedules and information. The report covering the period
ending June 30, 1994 has been recognized by the California Society of Municipal Finance Officers
(CSMFO) and the Government Finance Officers Association of the United States and Canada
(GFOA).
.th programs have established standards and guidelines for the presentation of the fmancial
formation. In addition, practitioners review the reports and identify areas which need to be
improved. For the second consecutive year the CSMFO Award contained no "Reviewer
Comments". The comments made by the GFOA were relatively minor and the only area of
significance involved residual funds associated with the early payment of bonds in the San Ramon
Road Specific Plan Assessment District. The GFOA reviewer did not feel the treatment was in
direct conformance with the Generally Accepted Accounting Principles (GAAP). Although the
presentation may have technically not followed accounting theory, Staff believes that the
presentation provides a better understanding to the non-technical reader of the status of remaining
funds. The GFOA Certificate of Achievement was awarded based on the overall report. The
Award is a prestigious national award recognizing conformance with the highest standards for
preparation of local government- financial reports. The goal is to recognize efforts made by
government agencies to produce easily readable and efficiently organized fmancial reports.
This recognition also provides added credibility to the City's reports when they are reviewed by
members of the financial community. Although the City has not recently had to issue any type of
new public financing, future development proposals may include assessment districts or other
infrastructure public fmancing. Preparation of the City Financial reports in a format consistent
with national standards is typically considered by the fmancial markets. This can be help to
maintain a good credit rating, which reduces the cost of borrowing.
This is the fifth consecutive year that the City of Dublin has been recognized for Excellence in
Financial Reporting. Staff will be submitting the 1995 Comprehensive Annual Financial Report to
both the Government Finance Officers Association and the California Society of Municipal Finance
Officers for their consideration.
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California Society of
Jl1unicipal :finance Officers
Certificate of Award
Outstanding 3inancial9<eporting 199'1-94
Presented to
City of 'Dublin
7his certificate is issued in recognition oJ\meetiTIfJ professwnal standards and criteria in reportiTIfJ which reflect a hiyh level of quality
in the annual financial statements and in the underlyiTIfJ accountiTIfJ system yom which the reports were prepared.
:Jebrnary 2Z 1995
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ou.ir, ProfusUmaI & . al cSl4rulords Cmnmillu
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<Dedicated to excellence in c.7l1unicipal Jinancial JUanUfJement
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Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Dublin,
California
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 1994
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
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President
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Executive Director
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