Loading...
6.1. SR 03-07-2005 Item 6.1. MEMORANDUM TO: Mayor and City Council DATE: Pat Klaers, City Administj~M:...o.. r JlA" March 7, 2005 / FROM: SUBJECT: Government Finance Officers Association Award I am very pleased to once again notify the City Council that the City of Elk River has received the Certificate of Achievement for Excellence in Financial Reporting for the 2003 Fiscal Year. A Certificate of Achievement plaque acknowledging this award will be received in the near future. The Certificate of Achievement is a prestigious national award recognizing performance with the highest standards for preparation of state and local government financial reports. The Certificate of Achievement is valid for a one year period. The City of Elk River has received the Certificate of Achievement for 15 consecutive years ending December 31, 2003. Receiving the award for 2003 is especially satisfying when considering that the city's 2003 Comprehensive Annual Financial Report (CAFR) is the first report completed under the new governmental accounting rules of Governmental Accounting Standards Board Statement 34 (GASB 34). As noted in the city 2003 Finance Department Annual Report: the new GASB 34 reporting requirements dramatically changed the way in which financial data is presented. One of the changes was the inclusion of capital assets in the governmental fund statements. The first year for reporting under the new requirements was a significant undertaking as the entire city infrastructure had to be inventoried, valued, and depreciated to represent current value. The city receiving this award is due to the efforts of the entire Finance Department including: Joan Frick, Senior Accounting Clerk; Lauren Wipper, Payroll Clerk; Denise Cully, Accounting Clerk (part time); Lori Ziemer, Assistant Finance Director; and Lori Johnson, Director of Finance and Administrative Services. Responsibility for preparation of the CAFR lies with Lori Ziemer and Lori Johnson. This item is on the agenda for information only and no action is necessary from the City Council. Attached is some Certificate of Achievement information, including a news release, along with some pages from the booklet that was provided to the city by the Government Finance Officers Association. s: \ Council\Pat\200S \gfoaA ward. doc ~ Government Finance Officers Association 203 N. LaSalle Street - Suite 2700 Chicago, IL 60601 Phone (312) 977-9700 Fax (312) 977-4806 .I...' . ;.."';... ",'Yc .~ /' "" " / February 11,2005 The Honorable Stephanie Klinzing Mayor City of Elk River 13065 Orono Parkway Elk River MN 55330 Dear Mayor Klinzing: We are pleased to notify you that your comprehensive annual financial report for the fiscal year ended December 31, 2003 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. The Certificate of Achievement plaque will be shipped to: Lori Johnson Finance Director under separate 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, enclosed are a sample new release and the Certificate Program "Results" for reports with fiscal years ended during 2002 representing the most recent statistics available. We hope that your example will encourage other government officials III their efforts to achieve and maintain an appropriate standard of excellence in financial reporting. Sincerely, Government Finance Officers Association Jl6fL J ~ Stephen 1. Gauthier, Director Technical Services Center SJG/ds ~ Government Finance Officers Association 203 N. LaSalle Street - Suite 2700 Chicago, IL 60601 Phone (312) 977-9700 Fax (312) 977-4806 02/11/2005 NEWS RELEASE For Information contact: Stephen Gauthier (312) 977-9700 (Chicago)--The Certificate of Achievement for Excellence in Financial Reporting has been awarded to City of Elk River by the Government Finance Officers Association of the United States and Canada (GFOA) for it's 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 accomplishment 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 constructive "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 15,000 government finance professionals with offices in Chicago, IL, and Washington, D.C. CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL RErORTING PROGRAM OVERVIEW fInancial reporting techniques. The Certificate of Achievement for Excellence in Financial Reporting (Certificate of Achievement) is an award designed to recognize and encourage excellence in fmancial reporting by state Recognition: 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 fmancial 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 government 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 public college or university, a public employee retirement system, or a governmental investment pool. Eligible CAFRs must include financial statements presented in conformity with GAAP. These reports 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 fmances. 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 fmance 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 fmancial 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 The CertifIcate of Achievement is a nationally recognized award, and its attainment represents a significant accomplishment by a govemment unit and its management. Securities Marketing Aid: 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 "Forms" section of GFOA's website at www.gfoa.org or 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 2002. The governments currently holding certifIcates that have been recognized the most times in each state or jurisdiction are in bold italics. A # sign preceding the government's name indicates they also received the GFOA's Distinguished Budget Presentation Award for their fIscal period beginning in 2002. Top Ten States. Number of Certificate Awards 2001 Fiscal Year End 2002 Fiscal Year End 1. California - 322 2. Texas - 314 3. Ohio - 290 4. Florida - 225 5. Illinois - 208 6. North Carolina - 158 7. Arizona - 115 8. Minnesota - 109 9. Colorado - 104 10. Oregon - 97 1 . California - 343 2. Texas - 318 3. Ohio - 299 4. Florida - 232 5. Illinois - 210 6. North Carolina - 162 7. Arizona - 115 8. Minnesota - 114 9. Colorado - 105 . 10. Virginia - 100 I Certificate Program Awards Q = ':,<"--0 J" V . Over 150 . 76 to 150 1Iil26to 75 o Oto 25 ."" ..... . 2 Monroe Monroe County Mount Pleasant Muskegon Muskegon County Norton Shores #Novi #Oak Park #Oakland County #Ottawa County Plainfield Charter Township Plymouth Charter Township Port Huron Port Huron Area School District #Portage #Rochester Hills Saginaw Saginaw Charter Township Saginaw County Saint Clair County Road Commission Saint Clair County Saint Clair Shores Saint Johns South Haven Southfield State of Michigan #Sterling Heights Tecurnseh Three Rivers #Troy Tuscola County #Washtenaw County Wayne #Wayne County W ayne- Westland Community School District Wyoming Zeeland MINNESOTA Albert Lea #Andover Anoka #Anoka County Austin Blaine #Bloomington (32 awards) #Blue Earth County Brainerd Breckenridge Brooklyn Center #Brooklyn Park #Burnsville Cambridge Carver County Champlin Chanhassen Chaska Columbia Heights #Coon Rapids Cottage Grove Crystal #Dakota County Dakota County Community Development Agency 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 #Hennepin County #Hopkins Hugo Hutchinson Independent School District No. 624 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 State Lottery Minnesota State Retirement System Minnesota Teachers' Retirement Association Minnetonka Moorhead 14 Mora Morris Mound Mounds View New Brighton New Hope New UIm 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 Woodbury #W orthington MISSISSIPPI Biloxi Gultport #Jackson (21 awards) McComb Meridian ~ Reports Submitted and Certificates Awarded for Fiscal Years Ended in 2000, 2001 and 2002 Active Special Review Committee Members During Years Ended December 31, 2003 and 2002 FY 00 Reports FY 01 Reports FY 02 Reports 2003 2002 Processed in 2001 Processed in 2002 Processed in 2003 Active SRC Active SRC Submissions Awards Submissions Awards Submissions Awards Members Members Alabama 14 14 16 16 17 17 1 1 Alaska 26 26 25 25 27 26 4 4 American Samoa 1 1 1 1 1 1 0 0 Arizona 116 115 116 115 115 115 14 11 Arkansas 8 8 9 8 8 8 2 1 California 313 309 330 322 347 343 55 54 Colorado 103 103 104 104 105 105 26 25 Connecticut 58 58 60 59 63 62 9 9 Delaware 8 8 8 8 9 9 2 2 District of Columbia 3 3 3 3 3 3 4 5 Florida 219 216 226 225 234 232 59 60 Georgia 93 91 95 94 99 98 14 13 Hawaii 6 6 5 5 6 5 0 0 Idaho 13 13 14 14 14 14 4 3 Illinois 203 202 210 208 214 210 38 32 Indiana 27 27 28 28 28 28 4 3 Iowa 41 41 42 42 41 41 9 8 Kansas 39 39 39 39 39 39 6 7 Kentucky 19 19 21 21 21 21 3 4 Louisiana 44 44 49 47 50 49 4 6 Maine 11 9 13 11 12 12 5 5 Maryland 40 40 41 40 40 40 6 7 Massachusetts 11 10 11 11 13 12 8 9 Michigan 90 87 95 93 98 98 18 17 Minnesota 108 108 110 109 114 114 33 30 Mississippi 7 7 8 7 e 13 Cf ' ~._--O~c,-,.~~"._"' Missouri 68 68 69 68 74 73 17 15 Montana 12 11 13 13 13 13 1 1 Nebraska 7 7 8 8 8 8 2 2 Nevada 26 26 27 27 27 27 4 4 New Hampshire 7 7 9 8 8 8 3 2 New Jersey 9 9 9 9 11 11 5 5 New Mexico 5 5 5 5 6 6 2 2 New York 64 61 65 65 65 64 22 22 North Carolina 156 155 160 158 163 162 32 33 North Dakota 8 8 8 8 8 8 10 9 Ohio 284 283 292 290 299 299 62 72 Oklahoma 27 26 26 26 27 27 7 8 Oregon 98 96 97 97 100 98 18 14 Pennsylvania 55 55 59 59 61 61 10 11 Puerto Rico 7 7 4 4 4 4 2 1 Rhode Island 7 7 8 8 9 9 1 2 South Carolina 69 67 72 70 74 73 17 18 South Dakota 5 5 5 5 5 5 1 0 Tennessee 38 38 40 40 42 42 10 8 Texas 314 309 317 314 319 318 43 45 Utah 34 33 33 33 34 34 3 3 Vermont 1 0 1 1 1 1 1 1 Virginia 95 94 97 95 101 100 15 13 Washington 55 54 58 56 55 55 14 14 West Virginia 8 8 8 8 8 8 4 4 Wisconsin 43 42 42 42 46 46 11 11 Wyoming 12 12 12 12 12 12 2 2 TOTAL 3135 3097 3223 3184 3306 3282 647 638 Submissions and Awards include ineligible and stub period reports, as appropriate. 26 Certificates Awarded For Reporting Entity Fiscal Years Ended in 2002 and Processed by GFOA in Calendar Year 2003 School Council of Colleqes & Municipal County District Enterprise Government State PERS Universities Other Total Alabama 13 0 0 2 0 1 1 0 0 17 Alaska 11 7 5 1 0 0 2 0 0 26 American Samoa 0 0 0 0 0 0 1 0 0 1 Arizona 34 5 58 4 1 1 6 4 2 115 Arkansas 7 0 0 0 0 0 1 0 0 8 California 222 25 0 44 1 1 22 0 28 343 Colorado 37 16 20 10 0 1 5 1 15 105 Connecticut 53 0 1 2 0 1 0 0 5 62 Delaware 3 2 0 1 0 1 1 0 1 9 District of Columbia 0 0 0 2 0 1 0 0 0 3 Florida 149 34 12 23 2 0 5 0 7 232 Georgia 52 24 6 7 1 0 1 0 7 98 Hawaii 1 3 0 0 0 1 0 0 0 5 Idaho 6 4 2 0 0 1 1 0 0 14 Illinois 110 10 15 12 0 1 12 10 40 210 Indiana 15 2 0 5 1 1 1 0 3 28 Iowa 22 5 8 2 0 1 1 1 1 41 Kansas 25 5 4 2 0 0 2 0 1 39 Kentucky 13 2 0 2 0 1 2 0 1 21 Louisiana 8 5 23 5 0 1 3 0 4 49 Maine 10 1 0 0 0 0 0 0 1 12 Maryland 12 13 4 1 0 1 6 1 2 40 Massachusetts 7 0 0 3 0 1 1 0 0 12 Michigan 62 22 4 2 0 1 5 0 2 98 Minnesota 86 11 1 3 1 1 5 0 6 114 Mississippi 6 0 0 0 0 1 1 0 0 8 Missouri 42 7 4 10 1 0 6 0 3 73 Montana 5 4 1 0 0 1 1 0 1 13 Nebraska 5 0 0 1 0 1 0 1 0 8 Nevada 8 3 2 3 0 1 1 0 9 27 New Hampshire 5 0 0 1 0 1 1 0 0 8 New Jersey 1 0 6 2 0 1 1 0 0 11 New Mexico 3 1 1 0 0 0 1 0 0 6 New York 29 11 8 6 0 1 7 0 2 64 North Carolina 68 53 32 4 0 1 0 1 3 162 North Dakota 4 1 0 0 0 1 2 0 0 8 Ohio 115 45 109 14 0 1 6 0 9 299 Oklahoma 13 2 1 5 0 1 5 0 0 27 Oregon 36 14 20 7 3 1 1 5 11 98 Pennsylvania 24 16 14 1 0 1 3 0 2 61 Puerto Rico 2 0 0 1 0 1 0 0 0 4 Rhode Island 7 0 0 2 0 0 0 0 0 9 South Carolina 26 14 15 7 0 1 1 9 0 73 South Dakota 4 0 0 0 0 0 1 0 0 5 Tennessee 26 7 0 7 0 1 1 0 0 42 Texas 159 44 50 21 7 1 9 7 20 318 Utah 19 3 6 4 0 1 1 0 0 34 Vermont 1 0 0 0 0 0 0 0 0 1 Virginia 37 26 10 18 0 1 6 0 2 100 Washington 29 8 3 9 0 1 2 0 3 55 West Virginia 0 0 0 6 0 1 0 0 1 8 Wisconsin 22 12 1 3 0 1 0 7 0 46 Wyoming 7 1 0 1 0 1 1 0 1 12 Total 1661 468 446 266 18 41 142 47 193 3282 27 Reports Submitted and Certificates Awarded For Fiscal Years Ended in 2000 Thru 2002 FYOO Reports FY 01 Reports FY02 Reports Processed in 2001 Processed in 2002 Processed in 2003 By Type of Government Submissions Awards Submissions Awards Submissions Awards Municipal 1585 1567 1629 1611 1673 1661 County 452 443 460 455 472 468 School District 427 422 .442 434 447 446 Enterprise 245 244 259 259 266 266 Council of Government 17 17 16 15 18 18 State 40 39 42 41 43 41 PERS 145 145 146 144 146 142 Colleges & Universities 44 42 45 44 48 47 Other 180 178 184 181 193 193 TOTAL REPORTS 3135 3097 3223 3184 3306 3282 Bv Fiscal Year End Submissions Awards Submissions Awards Submissions Awards January 0 0 0 0 0 0 February 8 8 7 7 6 7 March 19 19 19 19 19 19 April 94 94 94 94 99 98 May 11 10 13 13 12 12 June 1630 1609 1684 1660 1740 1724 July 3 3 3 3 3 3 August 86 84 77 76 73 73 September 477 471 493 488 504 502 October 5 5 4 4 4 4 November 8 8 9 9 8 8 December 794 786 820 811 838 832 TOTAL REPORTS 3135 3097 3223 3184 3306 3282 Submissions and Awards include ineligible and stub period reports, as appropriate. 28 Total Governmental Units and Submitters Total cities and counties per 2002 census of governments Total submissions by cities, counties and states for fiscal years ended in 2002 Percentage of total cities, counties and states submitting Population 1 - 9,999 10,000 - 24,999 25,000 - 49,999 50,000 - 99,999 100,000 - 199,999 200,000 or more Total Units 32,070 2,209 916 461 183 94 35,933 Cities. Submitted 274 478 412 295 128 86 1,673 Percent 0.85% 21.64% 44.98% 63.99% 69.95% 91.49% 4.66% % 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 91.49% 77 .26% 68.97% 55.68% 36.22% 4.66% · "Cities" includes cities, municipalities, villages, and townships Counties Population Units Submitted Percent 1 - 9,999 671 2 0.30% 10,000 - 24,999 869 23 2.65% 25,000 - 49,999 638 50 7.84% 50,000 - 99,999 383 102 26.63% 100,000 - 249,999 272 134 49.26% 250,000 or more 201 161 80.10% Total 3034 472 15.56% % of all counties over 250,000 80.10% % of all counties over 100,000 62.37% % of all counties over 50,000 46..38% % of all counties over 25,000 29.92% % of all counties over 10,000 19.89% % of all counties 15.56% States.. Units Submitted Percent 52 43 82.69% ** "States" includes the District of Columbia and the Commonwealth of Puerto Rico 30 City and County Reports Submitted (including ineligible and stub period reports) for Fiscal Years Ended in 2002 Compared to Total Cities and Counties Cities Counties Units" Submitters % Submitted Units" Submitters % Submitted Alabama 451 13 2.88% 67 0 0.00% Alaska 149 11 7.38% 12 7 58.33% Arizona 87 34 39.08% 15 5 33.33% Arkansas 499 7 1.40% 75 0 0.00% Califomia 475 224 47.16% 57 26 45.61% Colorado 270 37 13.70% 62 16 25.81% Connecticut 179 54 30.17% 0 0 0.00% Delaware 57 3 5.26% 3 2 66.67% District of Columbia 1 0 0.00% 0 0 0.00% Florida 404 150 37.13% 66 35 53.03% Georgia 531 53 9.98% 156 24 15.38% Hawaii 1 1 100.00% 3 3 100.00% Idaho 200 6 3.00% 44 4 9.09% Illinois 2722 110 4.04% 102 10 9.80% Indiana 1575 15 0.95% 91 2 2.20% Iowa 948 23 2.43% 99 5 5.05% Kansas 1926 25 1.30% 104 5 4.81% Kentucky 424 13 3.07% 119 2 1.68% Louisiana 302 9 2.98% 60 5 8.33% Maine 489 10 2.04% 16 1 6.25% Maryland 157 12 7.64% 23 13 56.52% Massachusetts 351 8 2.28% 5 0 0.00% Michigan 1775 62 3.49% 83 22 26.51% Minnesota 2647 86 3.25% 87 11 12.64% Mississippi 296 6 2.03% 82 0 0.00% Missouri 1258 42 3.34% 114 7 6.14% Montana 129 5 3.88% 54 4 7.41% Nebraska 977 5 0.51% 93 0 0.00% Nevada 19 8 42.11 % 16 3 18.75% New Hampshire 234 5 2.14% 10 0 0.00% New Jersey 566 1 0.18% 21 0 0.00% New Mexico 101 3 2.97% 33 1 3.03% New York 1545 29 1.88% 57 12 21.05% North Carolina 541 68 12.57% 100 54 54.00% North Dakota 1692 4 0.24% 53 1 1.89% Ohio 2250 115 5.11% 88 45 51.14% Oklahoma 590 13 2.20% 77 2 2.60% Oregon 240 38 15.83% 36 14 38.89% Pennsylvania 2564 24 0.94% 66 16 24.24% Rhode Island 39 7 17.95% 0 0 0.00% South Carolina 269 26 9.67% 46 14 30.43% South Dakota 1248 4 0.32% 66 0 0.00% Tennessee 349 26 7.45% 92 7 7.61% Texas 1196 160 13.38% 254 44 17.32% Utah 236 19 8.05% 29 3 10.34% Vermont 284 1 0.35% 14 0 0.00% Virginia 229 38 16.59% 95 26 27.37% Washington 279 29 10.39% 39 8 20.51 % West Virginia 234 0 0.00% 55 0 0.00% Wisconsin 1850 22 1.19% 72 12 16.67% Wyoming 98 7 7.14% 23 1 4.35% Total 35933 1671 4.65% 3034 472 15.56% . Source: 2002 Census of Governments Cities includes cities, municipalities, villages, and tow 31