5.1. SR 12-10-2001MEMORANDUM
TO:
Mayor and City Council
FROM:
DATE:
Pat Klaers, City Administ~
December I 0, 2001 ~
SUBJECT: GFOA Finance Award
Item 5.1.
It is with great pleasure that I notify the City Council that the city of Elk River has received
the Certificate of Achievement (COA) for Excellence in Financial Reporting for the 2000
Fiscal Year. The COA plaque acknowledging this award will be received in about two
months.
The COA is a prestigious national award recognizing conformance with the highest
standards for preparation of state and local government financial reports. In order to award
a COA, the governmental unit must publish an easily readable and efficiently organized
Comprehensive Annual Financial Report (CAFR) whose components conform to program
standards. The CAFR must satisfy both generally accepted accounting principles and
applicable legal requirements. The COA is valid for a one year period. The city of Elk River
has received the COA for twelve consecutive years ending December 31, 2000.
This item is on the agenda as information only and no action is necessary from the City
Council except to acknowledge receipt of the award. The city receiving this award is due to
the efforts of the entire finance department staff including: Joan Frick, Sr. Accounting Clerk;
Lauren Wipper, Payroll Clerk; Lori Ziemer, Assistant Finance Director; and Lori Johnson,
Finance Director. Responsibility for preparation of the CAFR lies with Lori Ziemer and Lori
Johnson. A StarNeuas "photo opportunity" of the entire department will hopefully take place
once the plaque has been received.
Attached is some COA information including a news release and some pages from the
booklet that was provided to the city.
GOVERNMENT FINANCE
OFFICERS ASSOCIATION
180 North Michigan Avenue, Suite 800, Chicago, Illinois 60601
312/977-9700 · Fax: 312/977-4806
November 2, 2001
For information contact:
NEWS RELEASE Stephen Gauthier (312) 977-9700
(Chicago)--The Certificate of Achievement for Excellence in Finan-
cial Reporting has been awarded to: City of Elk River, MN
by the Government Finance Officers Association of the United States
and Canada (GFOA) for its comprehensive annual financial report
(CAFR) . 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 accomplish-
ment by a government and its management.
An Award of Financial Reporting Achievement has been awarded
to the individual(s), department or agency designated by the
government as primarily responsible for preparing the award-
winning CAFR. This has been presented to:
Finance Department, City of Elk River
The CAFR has been judged by an impartial panel to meet the
high standards of the program including demonstrating a construc-
tive "spirit of full disclosure" to clearly communicate its
financial story and motivate potential users and user groups
to read the CAFR.
The GFOA is a nonprofit professional association serving
approximately 14,000 government finance professionals with offices
in Chicago, Illinois, and Washington, D.C.
- 30 -
WASHINGTON OFFICE
1750 K Street, N.W., Suite 650, Washington, DC 20006
202/429-2750 · Fax: 202/429-2755
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE
IN FINANCIAL REPORTING
2000 RESULTS
The Certificate of Achievement for Excellence in Financial
Reporting (Certificate of Achievement) is an award designed to
recognize and encourage excellence in irmancial reporting by state
and local governments. The attainment of a Certificate of
Achievement represents a significant accomplishment for a
government and its management.
The Certificate of Achievement for Excellence in Financial
Reporting Program (Certificate Program) was established by the
Government Finance Officers Association (GFOA) in 1945. The
GFOA instituted the program to encourage all government units to
prepare and publish an easily readable and understandable
comprehensive annual financial report (CAFR) covering all funds
and financial transactions of the government during the fiscal year.
The GFOA believes that governments have a special responsibility
to provide the public with a fair presentation of their financial
affairs. CAFRs go beyond the requirements of generally accepted
accounting principles (GAAP) to provide the many users of
govemment financial statements with a wide variety of information
useful in evaluating the financial condition of a government.
Securities
Marketing A id:
Clarity:
Comparability:
recognized award, and its attainment represents
a significant accomplishment by a government
unit and its management.
Reports qualifying for a Certificate of Achieve-
ment provide a detailed vehicle by which market
analysts, investors, potential investors and others
may assess the relative attractiveness of a
government unit's securities compared to
alternative investment opportunities.
CAFRs satisfying the Certificate Program's
requirements are likely to be free of ambiguities
and potentially misleading presentations.
Since CAFRs qualifying for a Certificate of
Achievement employ standardized terminology
and formatting conventions, comparisons from
one year to the next and among different
government units are facilitated.
To be eligible for a Certificate of Achievement, a report must be
the published CAFR of a unit of government, a public college or
university, a public employee retirement system, or a governmental
investment pool. Eligible CAFRs must include general purpose
financial statements presented in conformity with GAAP. These
~ports are also required to have been audited in accordance with
generally accepted auditing standards. To earn a Certificate of
Achievement, a CAFR should give a clear and thorough view of the
government's finances. Award-winning reports should enhance the
reader's understanding of the information required by GAAP for
fair presentation of the financial statements, be efficiently
organized and adhere to certain generally accepted terminology and
formatting conventions. The Certificate Program provides
participants with extensive technical reference material on
governmental accounting and financial reporting theory. This
material provides finance officials with the tools they need to
improve their financial reporting techniques.
Benefits of the Certificate of Achievement review. The growth in the
Certificate Program has been substantial. Based on recent trends,
steady growth is anticipated to continue. More and more
governments are recognizing the benefits and significance of a
program review. Some of the benefits likely to be realized by a
government unit which submits its CAFR to the Certificate
Program's review process include:
Education:
Government units participating in the Certificate
Program are provided with extensive technical
accounting and financial reporting reference
materials. Officials submitting CAFRs to the
Certificate Program's review process also are
provided with a confidential list of detailed
comments and suggestions for improving their
financial reporting techniques.
Recognition: The Certificate of Achievement is a nationally
Completeness:
The financial statements, supporting schedules,
statistical tables and narrative explanations
required for a Certificate of Achievement help to
assure that all fiscal data are presented that are
needed by the many persons and groups with a
legitimate interest in the financial affairs of a
government unit. These groups include gov-
erning boards, investors and creditors, grantor
resource providers, taxpayers and others.
To participate in the Certificate Program, government units must
complete an application form and submit three copies of their
CAFR, with the appropriate fee, to the GFOA for review by the
Certificate Program's Special Review Committee. Applications can
be obtained from the GFOA's Certificate Program staff in Chicago
(312/977-9700) or from the "Forms" section of GFOA's website
at www.gfoa.org. Submissions must be postmarked within six
months of the government's fiscal year end.
The following list identifies all of the governments that were
successful in obtaining a Certificate of Achievement for CAFRs
with fiscal years that ended in 1999. The governments currently
holding certificates that have been recognized the most times in
each state or jurisdiction are in bold italics. Special note is given
to those governments that prepared a CAFR in accordance with the
new financial reporting model established by Governmental
Accounting Standards Board Statement No. 34, Basic Financial
Statements-and Management's Discussion and Analysis-for State
and Local Governments and won the Certificate of Achievement
for that CAFR. A listing of these governments precedes the
complete list of winners to recognize their accomplishment. Also,
a # sign preceding the government's name indicates they received
the GFOA's Distinguished Budget Presentation Award for their
fiscal period beginning in 1999.
MINNESOTA
Albert Lea
11
Anoka
#Anoka County
Austin
Blaine
#Bloomington (29 awards)
#Blue Earth County
Brainerd
Breckenridge
Brooklyn Center
#Brooklyn Park
#Burnsville
Carver County
Chanhassen
Chaska
Columbia Heights
#Coon Rapids
Cottage Grove
Crystal
#Dakota County
Deephaven
Detroit Lakes
Dilworth
#Duluth
Duluth Teachers' Retirement Fund
Association
Eagan
East Grand Forks
#Eden Prairie
Elk River
Fairmont
Falcon Heights
Faribault
Fergus Falls
Fridley
Golden Valley
Goodview
Grand Rapids
Grand Rapids Public Utilities
Commission
Hastings, Dakota County
#Hennepin County
Hopkins
Hugo
Hutchinson
Inver Grove Heights
Lakeville
Lino Lakes
Luverne
Mahtomedi
Mankato
Maple Grove
#Maplewood
Minneapolis
Minneapolis Community Devlopment
Agency
Minneapolis Employees' Retirement
Fund
Minneapolis Library Board
#Minneapolis-Saint Paul Metropolitan
Airports Commission
Minnesota Public Employees'
Retirement Association
Minnesota Teachers' Retirement
Association
Minnetonka
Moorhead
Mora
Morris
Mound
New Brighton
New Hope
New Ulm
North Mankato
North Saint Paul
Oakdale
Olmsted County
Orono
Plymouth
Ramsey
#Ramsey County
Rice County
#Richfield
#Robbinsdale
Rochester
Rosemount
#Roseville
#Saint Cloud
Saint Louis County
Saint Louis Park
Saint Paul
Saint Paul Housing and Redevelopment
Authority
Savage
Shakopee
Sherburne County
Shoreview
#Shorewood
South Saint Paul
State of Minnesota
Stillwater
Suburban Hennepin Regional Park
District
Twin Cities Area Metropolitan Council
Wadena
Waseca
#Washington County
Wayzata
West Saint Paul
Western Lake Superior Sanitary District
#White Bear Lake
#White Bear Township
Winona
#Worthington
Reports Submitted and Certificates Awarded for Fiscal Years Ended in 1997, 1998 and 1999
Active Special Review Committee Members During Years Ended December 31, 2000 and 1999
FY 97 Reports FY 98 Reports FY 99 Reports 2000 1999
Processed in 1998 Processed in 1999 Processed in 2000 Active SRC Active SRC
Submissions Awards Submissions Awards Submissions Awards Members Members
Alabama 15 14 16 14 15 15 1 2
Alaska 21 21 22 21 26 26 4 4
American Samoa 1 1 1 1 1 1 0 0
Arizona 112 112 118 116 109 108 13 11
Arkansas 9 8 8 8 9 9 0 2
Califomia 270 264 293 282 303 296 55 54
Colorado 96 92 100 99 107 107 19 21
Connecticut 51 49 54 53 55 53 11 11
Delaware 7 6 6 6 8 8 4 3
District of Columbia 3 3 3 3 3 3 9 6
Florida 204 202 212 209 211 210 57 58
Georgia 79 73 82 79 87 83 15 16
Hawaii 6 6 6 6 6 6 1 1
Idaho 14 13 14 14 13 13 3 2
Illinois 190 187 197 195 204 202 37 36
indiana 26 25 26 26 27 27 2 2
Iowa 39 38 36 36 40 40 8 6
Kansas 36 35 37 37 40 38 9 7
Kentucky 19 18 20 18 20 20 4 4
Louisiana 39 39 44 42 45 43 8 6
Maine 8 8 10 9 10 10 6 5
Maryland 36 35 37 36 40 38 8 13
Massachusetts 8 8 9 9 10 10 9 9
Michigan 74 73 79 78 84 80 14 11
Minnesota 103 102 105 105 105 105 28 33
Mississippi 7 7 7 7 7 7 0 0
Missouri 66 65 70 67 70 67 13 12
Montana 11 10 12 11 12 12 3 4
Nebraska 6 6 7 7 7 7 3 3
Nevada 25 22 23 23 24 23 5 7
New Hampshire 6 6 8 8 8 8 3 3
New Jersey 10 10 12 12 11 10 4 4
New Mexico 6 6 6 6 6 6 2 3
New York 56 52 62 59 66 64 23 20
North Carolina 150 148 150 146 154 153 29 26
North Dakota 7 7 9 9 9 9 10 10
Ohio 228 225 243 243 262 262 78 67
Oklahoma 24 23 26 25 25 25 8 6
Oregon 96 96 101 98 98 98 12 11
Pennsylvania 54 51 56 53 57 57 11 13
Puerto Rico 7 7 8 7 9 8 0 1
Rhode Island 7 7 8 5 7 6 1 1
South Carolina 62 61 67 65 68 68 14 10
South Dakota 5 5 5 5 5 5 0 0
Tennessee 36 36 36 36 39 38 8 7
Texas 295 287 305 300 309 302 39 42
Utah 34 33 34 34 34 34 4 4
Vermont 0 0 0 0 0 0 0 0
Virginia 89 84 92 90 95 95 14 16
Washington 55 55 58 57 55 51 12 11
West Virginia 6 6 7 7 8 8 4 3
Wisconsin 40 40 41 40 43 42 9 11
Wyoming 11 11 10 10 12 11 3 3
TOTAL 2865 2798 2998 2932 3078 3027 637 621
Submissions and Awards include ineligible and stub reports where applicable
24
Alabama
~,.erican Samoa
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
illinois
indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
~uri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Puerto Rico
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
Virginia
Wisconsin
Wyoming
Total
Certificates Awarded For Reporting Entity Fiscal Years Ended in '1999
and Processed by GFOA in Calendar Year 2000
School Council of ColleRes &
Municipal County District Enterprise Government State PEnS Universities
12 0 0 1 0 1 1 0
10 7 6 I 0 0 2 0
0 0 0 0 0 0 I 0
29 4 59 3 1 0 6 3
7 0 0 0 0 1 1 0
198 20 0 34 1 1 17 0
37 19 21 10 0 1 6 0
45 0 1 2 0 1 0 0
3 1 0 1 0 1 1 0
0 0 0 2 0 1 0 0
140 33 4 20 1 0 5 0
46 17 5 5 1 0 1 0
1 3 0 0 0 1 1 0
5 4 2 0 0 1 1 0
108 10 15 13 0 1 15 6
14 2 1 5 1 1 0 0
24 4 6 2 0 1 1 1
24 5 4 2 0 0 2 0
12 2 0 2 0 1 2 0
8 5 20 3 0 0 3 0
8 1 0 1 0 0 0 0
12 11 4 1 0 1 6 2
6 0 0 2 0 1 1 0
51 17 3 2 0 1 5 0
81 11 0 3 1 1 4 0
$ 0 0 0 0 1 1 0
41 7 3 8 1 0 4 0
5 3 1 0 0 1 1 0
5 0 0 0 0 1 0 1
8 2 1 3 0 1 1 0
5 0 0 1 0 1 I 0
1 0 6 2 0 1 0 0
3 2 1 0 0 0 0 0
29 10 10 5 0 1 7 0
65 51 28 4 0 1 1 2
5 1 0 0 0 1 2 0
101 42 88 12 1 1 6 0
13 2 1 4 0 1 4 0
35 11 24 8 4 1 1 5
23 13 13 3 0 1 3 0
0 0 0 2 0 1 0 1
5 0 0 1 0 0 0 0
25 15 13 5 0 1 1 8
4 0 0 0 0 0 1 0
24 7 0 5 0 1 1 0
150 44 53 19 4 1 8 6
20 3 6 3 0 1 1 0
0 0 0 0 0 0 0 0
37 24 8 18 0 1 6 0
26 8 4 8 0 1 2 0
0 0 0 6 0 1 0 0
20 9 1 3 0 1 0 7
7 1 0 1 0 0 1 0
1543 431 412 236 16 39 135 42
Other
0
o
0
3
o
25
13
4
1
0
7
8
0
0
34
3
1
1
1
4
0
1
0
1
4
0
3
1
0
7
0
0
0
2
1
0
11
0
9
1
4
0
0
0
0
17
0
0
1
2
1
1
1
173
Total
15
26
1
lO8
9
296
lO7
53
8
3
21o
83
6
13
202
27
38
20
lO
38
lO
80
lO5
7
67
12
7
23
8
lO
6
64
153
9
262
25
98
57
8
6
68
5
38
3o2
34
o
95
51
8
42
11
3027
Total Governmental Units and Submitters
Total cities and counties per 1997 census of governments
Total submissions by cities, counties and states for fiscal years ended in 1999
Percentage of total cities, counties and states submitting
Cities*
Population Units Submitted Percent
1 - 9,999 32,326 259 0.80%
10,000 - 24,999 2,125 473 22.26%
25,000 - 49,999 860 374 43.49%
50,000- 99,999 435 270 62.07%
100,000 - 199,999 168 116 69.05%
200,000 or more 86 80 93.02%
Total 36,000 1,572 4.37%
% of all cities over 200,000
% of all cities over 100,000
% of all cities over 50,000
% of all cities over 25,000
% of all cities over 10,000
% of all cities
93.02%
77.17%
67.63%
54.23%
35.74%
4.37%
* "Cities" includes cities, municipalities, villages, and townships
Counties
Population Units Submitted
1 - 9,999 700 2
10,000 - 24,999 886 21
25,000 - 49,999 618 48
50,000 - 99,999 379 97
100,000 - 249,999 273 130
250,000 or more 187 142
Total 3043 440
Percent
0.29%
2.37%
7.77%
25.59%
47.62%
75.94%
14.46 %
% of all counties over 250,000
% of all counties over 100,000
% of all counties over 50,000
% of all counties over 25,000
% of all counties over 10,000
% of all counties
75.94%
59.13%
43.98%
28.62%
18.69%
14.46%
States**
Units Submitted Percent
52 42 80.77%
.... States" includes the District of Columbia and the Commonwealth of Puerto Rico
30
City and County Reports Submitted (including ineligible and stub reports)
for Fiscal Years Ended in 1999 Compared to Total Cities and Counties
cities Counties
Units* Submitters % Submitted Units* Submitters
Alabama 446 12 2.69% 67 0
Alaska 149 10 6.71% 12 7
Arizona 87 30 34.48% 15 4
Arkansas 491 7 1.43% 75 0
California 471 203 43.10% 57 22
Colorado 269 37 13.75% 62 19
Connecticut 179 47 26.26% 0 0
Delaware 57 3 5.26% 3 1
Florida 394 140 35.53% 66 33
Georgia 535 49 9.16% 156 18
Hawaii 1 1 100.00% 3 3
Idaho 200 5 2.50% 44 4
Illinois 2721 109 4.01% 102 10
Indiana 1577 14 0.89% 91 2
Iowa 950 24 2.53% 99 4
Kansas 1997 25 1.25% 105 5
Kentucky 434 12 2.76% 119 2
Louisiana 302 8 2.65% 60 6
Maine 489 8 1.64% 16 1
Maryland 156 12 7.69% 23 12
Massachusetts 351 6 1.71 % 12 0
Michigan 1776 53 2.98% 83 19
Minnesota 2648 81 3.06% 87 11
Mississippi 295 5 1.69% 82 0
Missouri 1268 42 3.31% 114 7
Montana 128 5 3.91% 54 3
Nebraska 990 5 0.51% 93 0
Nevada 19 8 42.11% 16 2
New Hampshire 234 5 2.14% 10 0
New Jersey 567 1 0.18% 21 0
New Mexico 99 3 3.03% 33 2
New York 1544 30 1.94% 57 10
North Carolina 527 66 12.52% 100 51
North Dakota 1704 5 0.29% 53 1
Ohio 2251 101 4.49% 88 42
Oklahoma 592 13 2.20% 77 2
Oregon 240 35 14.58% 36 11
Pennsylvania 2569 23 0.90% 66 13
Rhode Island 39 6 15,38% 0 0
South Carolina 269 25 9.29% 46 15
South Dakota 1265 4 0.32% 66 0
Tennessee 343 25 7.29% 93 7
Texas 1177 155 13.17% 254 45
Utah 230 20 8.70% 29 3
Vermont 286 0 0.00% 14 0
Virginia 231 37 16.02% 95 24
Washington 275 30 10.91% 39 8
West Virginia 232 0 0.00% 55 0
Wisconsin 1849 20 1.08% 72 10
Wyoming 97 7 7.22% 23 1
Total 36000 1572 4.37% 3043 440
% Submitted
0.00%
58.33%
26.67%
0.00%
38.60%
30.65%
0.00%
33.33%
50.00%
11.54%
10o.00%
9.09%
9.80%
2.20%
4.04%
4.76%
1.68%
lO.OO%
6.25%
52.17%
0.00%
22.89%
12.64%
0.00%
6.14%
5.56%
0.00%
12.5o%
0.00%
0.00%
6.06%
17.54%
51.00%
1.89%
47,73%
2.60%
30,56%
19.70%
0.00%
32.61%
0.00%
7.53%
17,72%
10.34%
0.00%
25.26%
20.51%
0.00%
13.89%
4.35%
14.46%
* Source: 1997 Census of Governments
Cities includes cities, municipalities, villages, and townships