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6.3. SR 12-14-1998ity of iver MEMORANDUM Item 6.3. TO: FROM: DATE: SUBJECT: Mayor & City Council Pat Klaers, City trator December 14, 1998 GFOA Finance Award 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 1997 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 be awarded 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 nine (9) consecutive years ending December 31, 1997. Attached is some COA information. The attachments include a letter to the Mayor, a news release, a certificate, and some pages from the booklet that was provided to the city. It is interesting to note that in 1988, of the approximately 850 cities in Minnesota, only 48 municipalities received this award. In 1997, Elk River was one of 79 communities to receive this award. As you can tell, the importance of receiving the COA is being emphasized more and more throughout Minnesota and the entire United States. This item is on the agenda as information only and no action is necessary from the City Council except for acknowledgement of receiving the award. Lori Johnson will be in attendance at this meeting to answer questions. The receipt of this award is due to the efforts of the entire finance department staff including Joan Frick, Lauren Wipper, Lori Ziemer, and Lori Johnson. Lori Ziemer and Lori Johnson are responsible for preparation of the city's financial report. A "photo opportunity" will hopefully take place once the plaque has been received. 13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425 The Govemment Finance Officers Association of the United States and Canada presents this AWARD OF FINANCIAL REPORTING ACHIEVEMENT The Finance Department City of Elk River, Minnesota The Award of Financial Reporting Achievement is presented by the Government Finance Officers Association to those individuals who have been instrumental in their government unit achieving a Certificate of Achievement for Excellence in Financial Reporting. A Certificate of Achievement is presented to those government units whose annual financial reports are judged to adhere to program standards and represents the high est award i n govern m e n t fi nan cia I report i ng. Executive Director Date November 25, 1998 GOVERNMENT FINANCE OFFICERS ASSOCIATION 180 North Michigan Avenue, Suite 800, Chicago, Illinois 60601 312/977-9700 · Fax: :312/977-4806 November 25, 1998 The Honorable Henry Duitsman Mayor City of Elk River 13065 Orono Parkway Elk River, Minnesota 55330 Dear Mayor Duitsman: We are pleased to notify you that your comprehensive annual finan- cial report for the fiscal year ended December 31, 1997 qualifies for a Certificate of Achievement for Excellence in Financial Reporting. The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. When a Certificate of Achievement is awarded to a government, an Award of Financial Reporting Achievement is also presented to the individual designated by the government as primarily responsible for its having earned the certificate. Enclosed is an Award of Financial Reporting Achievement for: Lori Johnson, Finance Director. The Certificate of Achievement plaque will be shipped under sepa- rate cover in about eight weeks. We hope that you will arrange for a formal presentation of the Certificate and Award of Financial Reporting Achievement, and that appropriate publicity will be given to this notable achievement. To assist with this, a sample news release and the 1997 Certificate Program results are enclosed. We hope that your example will encourage other government offi- cials in their efforts to achieve and maintain an appropriate standard of excellence in financial reporting. Sincerely, GOVERNMENT FINANCE OFFICERS ASSOCIATION Gauthier Director/Technical Services Center SJG/kas Enclosures WASHINGTON OFFICE 1750 K Street, N.W., Suite 850, Washington, DC 20008 202/429-2750 · Fax: 202/429-2755 GOVERNMENT FINANCE OFFICERS ASSOCIATION 180 North Michigan Avenue, Suite 800, Chicago, Illinois 60601 312/977-9700 · Fax: 312/977-4806 November 25, 1998 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 finan- cial reporting, and its attainment represents a significant accomplishment by a government and its management. An Award of Financial Reporting Achievement has been awarded to the individual designated as primarily responsible for preparing the award-winning CAFR. This has been presented to: Lorl Johnson, Finance Director 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 12,625 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 1997 RESULTS The Certificate of Achievement for Excellence in Financial Reporting (Certificate of Achievement) is an award designed to recognize and encourage excellence in financial 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. To be eligible for a Certificate of Achievement, a report must be the published CAFR of a unit of government, a college, a university ar a public employee retirement system. Eligible CAFRs must include general purpose financial statements presented in conformity with GAAP. These reports are also required to have been audited in accordance with generally accepted auditing standards, with the auditor taking at least "in relation to" responsibility for combining, individual fund and account group presentations. 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 phenomenal. Based on recent trends, substantial 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 recognized award, and its attainment represents a significant accomplishment by a government unit and its management. Securities Marketing A id: 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. Clarity: CAFRs satisfying the Certificate Program's requirements are likely to be free of ambiguities and potentially misleading presentations. Comparability: 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. 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). 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 1996. The governments currently holding certificates that have been recognized the most times in each state or jurisdiction are italicized and listed first. AWARD WINNERS FOR FISCAL YEARS ENDED IN 1996 CS Lansing / ~acomb County / ~adison Heights/ ~arquette / .~.erid~n Charte/~ Township . ~ichioan Munipipal Employees .~. Retireme~ System lVl~chigan Pubtlic School Retirement ~ System / MiChigan State E~mployees' \Retiren~ent System Mid~and ~ Midll~nd C)~unty. MonrOe C]ounty Mount~P~asant Muske~n Muske~n Coun~ Novi } Oaklan~ :oun~ Oak P~r ~ Pon~m ~rea School District Po~ge Rocpest, Hills [ S~inaw Cha~: Township ~n~ Counf ' ~a~nt 5~air Cou ,~ ~aint Clair Sho~ ~s Southfield State ofMichig ~ Sterling Heighm Three Rivers W~htenaw Coun~ Wayne Wayne Chmer Coun~ Zeeland MINNESOTA Bloomington (24 years) Rochester (24 years) Albert Lea Anoka Anoka County Austin Blaine Blue Earth County Brainerd Breckenridge Brooklyn Center Brooklyn Park Bumsville Carver County Chanhassen Chaska Columbia Heights Coon Rapids Cottage Grove Crystal Dakota County Deephaven Detroit Lakes 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 Hastings, Dakota County Hennepin County Hopkins Hugo Hutchinson Inver Grove Heights Lakeville Lino Lakes Luverne Mahtomedi Mankato Maple Grove Maplewood Minneapolis Minneapolis Employees' Retirement Fund Minneapolis Fire Department Relief Association Minneapolis Library Board Minneapolis-Saint Paul Metropolitan Airports Commission Minnesota Public Employees' Retirement Association Minnesota State Retirement System 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 Rosemount Roseville Saint Cloud Saint Louis County Saint Louis Park Saint Paul Saint Paul Housing and Redevelopment Authority Shakopee Sherburne County Shoreview Shorewood 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 Woodbury Worthington ' ~ MISSISTPI .lac (15years) / Gulfpor~ McComl~ / M eri.~'a_n k Mississippi'~ubl~ Employees' Retirement t~ystem Ridgeland State of Miss~/s~pi Gla~tone [20 years)~ ~P~7;el~ ('O years), Belton Berkeley 11 Reports Submitted and Certificates Awarded for Fiscal Years Ended in 1996, 1995, and 1994 Special Review Committee and Membrs During Years Ended December 31, 1997 and 1996 FY 94 Reports FY 95 Reports FY 96 Reports SRC SRC Processed in 1995 Processed in 1996 Processed in 1997 1997 '1996 1 2 0 17 2 39 17 10 2 2 13 1 2 37 7 7 5 2 11 3 14 5 10 26 Alabama 13 12 15 12 14 14 1 Alaska 22 21 24 21 22 21 4 American Samoa I I 1 1 1 1 0 Arizona 84 82 93 92 102 100 16 Arkansas 6 6 8 7 8 8 2 California 227 220 247 236 259 251 48 Colorado 88 85 89 87 90 86 19 Connecticut 41 40 46 46 46 45 9 Delaware 4 3 6 5 6 6 2 District of Columbia 2 2 2 I 2 1 3 Florida 185 181 188 184 205 201 66 Georgia 67 65 75 71 76 71 12 Hawaii 6 6 6 6 6 6 2 Idaho 11 10 11 10 13 10 3 Illinois 168 162 177 175 184 179 38 Indiana 23 22 22 22 24 24 8 Iowa 31 31 33 33 34 34 8 Kansas 32 32 33 30 35 35 9 Kentucky 18 16 17 17 19 19 4 Louisiana 31 29 36 34 37 36 11 Maine 5 5 5 5 7 7 4 Maryland 34 32 34 34 34 34 15 Massachusetts 6 4 8 7 8 8 7 Michigan 66 62 69 64 71 67 11 3nesota 97 96 101 98 102 102 30 .$sissippi 6 6 7 Missouri 60 56 64 60 66 64 19 Montana 8 8 11 10 12 10 5 Nebraska 7 7 7 7 7 7 7 Nevada 22 21 21 21 23 22 9 New Hampshire 4 3 5 5 6 5 2 New Jersey 5 4 4 4 5 5 2 New Mexico 7 6 6 5 6 5 1 New York 52 43 51 43 55 55 23 North Carolina 119 111 132 125 146 141 18 North Dakota 7 6 7 7 7 7 6 Ohio 185 181 195 191 204 204 62 Oklahoma 21 21 23 19 21 20 5 Oregon 95 91 95 93 97 96 16 Pennsylvania 48 43 51 48 55 51 17 Puerto Rico 1 1 5 4 7 7 1 Rhode Island 6 5 6 5 7 6 3 South Carolina 48 45 54 49 59 57 8 South Dakota 5 4 5 5 5 5 0 Tennessee 26 25 31 30 34 33 8 Texas 265 257 275 265 284 277 44 Utah 28 28 29 29 30 29 4 Vermont 0 0 0 0 0 0 0 Virginia 77 75 81 81 82 81 19 Washington 55 51 56 51 57 56 12 st Virginia 4 3 5 5 5 5 3 Wisconsin 33 32 35 34 40 38 11 Wyoming 11 11 12 11 11 11 5 TOTAL 2473 2369 2619 25'10 2743 2670 642 15 5 5 8 3 2 0 22 19 6 56 5 15 16 1 4 7 0 7 49 3 0 18 15 3 9 5 597 22 Alabama Alaska American 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 Certificates Awarded For Reporting Entity Fiscal Years Ended in 1996 and Processed by GFOA in Calendar Year 1997 School ~ Colleges & MIJGJ.C,Z,g~ ~ District ~ Government State PERS Universities Other Total 14 0 0 0 0 0 0 0 0 14 7 5 7 0 0 0 I 0 I 21 0 0 0 0 0 0 1 0 0 1 24 5 58 2 0 0 6 3 2 100 6 0 0 0 0 I 1 0 0 8 176 18 0 28 0 1 7 0 21 251 36 14 15 6 0 0 5 0 10 86 37 0 1 1 0 1 0 0 5 45 2 1 0 0 0 1 1 0 1 6 0 0 0 I 0 0 0 0 0 1 136 33 3 16 1 0 4 0 8 201 39 16 5 4 1 0 1 0 5 71 0 4 0 0 0 1 1 0 0 6 4 4 1 0 0 0 1 0 0 10 100 9 14 5 0 1 14 6 30 179 11 2 1 5 1 1 0 0 3 24 22 4 4 0 0 1 1 1 1 34 23 4 3 3 0 0 1 0 1 35 12 2 0 I 0 1 1 0 2 19 8 3 19 3 0 0 1 0 2 36 5 1 0 1 0 0 0 0 0 7 12 10 4 0 0 1 6 0 1 34 5 0 0 2 0 1 0 0 0 8 43 18 1 1 0 1 3 0 0 67 79 11 0 2 I I 5 0 3 102 Mississippi Missouri 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 West Virginia Wisconsin Wyoming Total 5 0 0 0 0 1 1 0 0 7 40 7 3 6 I 0 5 0 2 -64~ 4 3 2 0 0 1 0 0 0 10 5 0 0 0 0 1 0 1 0 7 7 2 1 5 0 1 1 0 5 22 4 0 0 0 0 0 I 0 0 5 1 0 I 2 0 I 0 0 0 5 2 2 I 0 0 0 0 0 0 5 25 11 5 4 0 1 7 0 2 55 62 44 25 5 1 I I I 1 141 4 1 0 0 0 I 1 0 0 7 89 39 50 6 1 1 6 0 12 204 9 1 2 5 0 1 2 0 0 20 35 10 25 7 2 1 1 4 11 96 19 12 12 3 0 1 2 0 2 51 0 0 0 2 0 1 0 I 3 7 6 0 0 0 0 0 0 0 0 6 21 12 10 5 0 1 1 7 0 57 4 0 0 0 0 0 I 0 0 5 20 7 0 4 0 1 1 0 0 33 144 43 40 17 4 I 7 5 16 277 17 3 6 1 0 I 1 0 0 29 0 0 0 0 0 0 0 0 0 0 36 18 5 14 0 1 5 0 2 81 29 8 4 8 0 1 3 0 3 56 0 0 0 0 0 1 0 0 4 5 16 9 2 2 0 1 0 6 2 38 6 2 0 1 0 0 1 0 1 11 1411 398 330 178 13 34 109 35 162 2670 By Type of Government Municipal County School District Enterprise Council of Govts. State PEnS Colleges & Univ. Other TOTAL Statement of Operations Reports Submitted and Certificates Awarded For Fiscal Years Ended 1996, 1995, 1994, and 1993 FY 96 Reports FY 95 Reports FY 94 Reports Processed in 1997 Processed in 1996 Processed in 1995 Submissions ~wards ~%I~3issJ.Q[ZS_ ~wards Submissions Awards 1447 1411 1395 1351 1347 1299 412 398 391 366 364 343 339 330 316 302 299 286 182 178 173 169 152 150 13 13 17 16 15 15 38 34 42 31 32 28 111 109 100 96 93 90 35 35 31 30 28 28 166 162 154 149 143 130 2743 2670 2619 2510 2473 2369 FY 93 Reports Processed in 1994 Submissions ,~,wards 1288 1241 346 338 292 271 130 129 16 16 32 28 82 77 21 21 123 119 2330 2240 January 0 0 0 0 0 0 0 0 February 9 9 9 9 9 9 9 9 March 15 15 14 14 14 13 12 12 April 92 91 90 90 91 88 86 83 May ~- 11 11 11 9 12 11 9 8 June 1386 1340 1317 1262 1223 1168 1144 1098 Jly 3 3 6 6 6 6 6 6 August 65 64 62 59 58 55 59 52 September 456 442 426 407 409 398 392 378 October 5 5 6 5 5 5 4 4 November 9 8 8 6 7 6 8 8 December 692 682 670 643 639 610 601 582 TOTAL 2743 2670 2619 2510 2473 2369 2330 2240 Submissions & Awards! 1996 1995 1994 1993 1992 1991 1990 1989 Submissions Awards 24 City and County Reports Submitted (including ineligible reports) for Fiscal Years Ended in 1996 Compared to Total Cities and Counties Cities Units* Submitters Submitted Alabama 438 14 3.20% Alaska 148 8 5.41% Arizona 86 25 29.07% Arkansas 489 6 1.23% California 460 182 39.57% Colorado 266 37 13.91% Connecticut 178 38 21.35% Delaware 57 2 3.51% District of Columbia 1 0 0.00% Florida 390 139 35.64% Georgia 536 41 7.65% Hawaii 1 0 0.00% Idaho 199 6 3.02% Illinois 2715 101 3.72% Indiana 1574 11 0.70% Iowa 952 22 2.31% Kansas 1980 23 1.16% Kentucky 435 12 2.76% Louisiana 301 8 2.66% Maine 490 5 1.02% Maryland 155 12 7.74% Massachusetts 351 5 1.42% Michigan 1776 46 2.59% Minnesota 2657 79 2.97% Mississippi 294 5 1.70% Missouri 1257 41 3.26% Montana 128 5 3.91% Nebraska 986 5 0.51% Nevada 18 8 44.44% New Hampshire 234 4 1.71% New Jersey 567 I 0.18% New Mexico 98 3 3.06% New York 1548 25 1.61% North Carolina 516 63 12.21% North Dakota 1714 4 0.23% Ohio 2256 89 3.95% Oklahoma 588 9 1.53% Oregon 239 35 14.64% Pennsylvania 2570 20 0.78% Rhode Island 39 7 17.95% South Carolina 269 21 7.81% South Dakota 1279 4 0.31% Ten nessee 339 21 6.19% Texas 1171 148 12.64% Utah 228 18 7.89% Vermont 287 0 0.00% Virginia 230 36 15.65% Washington 268 29 10.82% West Virginia 231 0 0.00% Wisconsin 1849 18 0.97% Wyoming 97 6 6.19% Total 35,935 1,447 4.03% Counties Units* Submitters Submitted 67 0 0.00% 12 5 41.67% 15 5 33.33% 75 0 0.00% 57 19 33.33% 62 14 22.58% 0 0 0.00% 3 1 33.33% 0 0 0.00% 66 33 50.00% 157 19 12.10% 3 4 133.33% 44 4 9.09% 102 10 9.80% 91 2 2.20% 99 4 4.04% 105 4 3.81% 119 2 1.68% 61 4 6.56% 16 1 6.25% 23 10 43.48% 12 0 0.00% 83 19 22.89% 87 11 12.64% 82 0 0.00% 114 7 6.14% 54 3 5.56% 93 0 0.00% 16 2 12.50% ~ 10 0 0.00% 21 0 0.00% 33 2 6.06% 57 11 19.30% 1 O0 47 47.00% 53 1 1.89% 88 39 44.32% 77 2 2.60% 36 10 27.78% 66 13 19.70% 0 0 0.00% 46 12 26.09% 64 0 0.00% 93 7 7.53% 254 45 17.72% 29 3 10.34% 14 0 0.00% 95 18 18.95% 39 8 20.51% 55 0 0.00% 72 9 12.50% 23 2 8.70% 3,043 41 2 13.54% * Source: 1992 Census of Governments Cities" includes cities, municipalities, parishes, villages, and townships 25