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5.4. SR 01-23-1995 rl-\) ( ); ~lil ITEM 5.4. MEMORANDUM River TO: Mayor & City Council FROM: Pat Klaers, City Administrator DATE: January 23,1995 SUBJECT: 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 for Excellence in Financial Reporting for the 1993 fiscal year. A plaque will be received within the next two months. Once this plaque acknowledging the Certificate of Achievement is received by the City, a formal Mayor presentation to the Finance Director is planned. In this manner, a "photo opportunity" will hopefully happen and appropriate recognition for the Finance Department and our City Finance Director, Lori Johnson, can take place. e Attached is some information relating to the Certificate of Achievement (COA). The attachments include a letter to the Mayor, a certificate, a news release, and some information from a booklet that was provided to the City that shows which governmental units in Minnesota have received the certificate, along with some data about Minnesota as compared to all of the United States. 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, a government unit must publish an easily readable and efficiently organized comprehensive annual financial report whose components conform to program standards. Such comprehensive annual financial reports must satisfy both generally accepted accounting principals and applicable legal requirements. A COA is valid for a period of one year. The City of Elk River has received a COA for the last five (5) consecutive years ending on December 31, 1993. Finance Director Lori Johnson is the individual that is primarily responsible for having the City earn this certificate. It is also appropriate to acknowledge the work of the Finance Department staff as they have assisted Lori in the background work needed in order to receive this award. e I t is interesting to note that in 1989, of the approximately 850 cities in Minnesota, the City of Elk River was one of only 48 that received this award. In 1993, the City of Elk River is one of 69 cities in Minnesota to receive this award. Accordingly, it can be seen that the importance of achieving this award has been emphasized throughout Minnesota 13065 Orono Parkway · P.O. Box 490. Elk River, MN 55330. (612) 441-7420. Fax: (612) 441-7425 e and the nation as more and more municipalities are striving to be in compliance with the GFOA standards. This item is on the agenda as information only and no action is necessary by the City Council. e e 16." 1 7 1995 . e e .- --- --- --- --- --- --- --- GOVERNMENT FINANCE OFFICERS ASSOCIATION 180 North Michigan Avenue. Suite 800. Chicago. Illinois 60601 312/977-9700. Fax: 312/977-4806 January 9, 1995 The Honorable Henry Duitsman Mayor City of Elk River P.o. Box 490 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, 1993 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 1993 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 ~a~:~ Director/Technical Services Center SJG/kas Enclosures WASHINGTON OFFICE 1750 K Street. N.W.. Suite 650. Washington. DC 20006 202/429-2750 . Fax: 202/429-2755 e $:l o . ..-I ~ ~ . ..-I U o en en < a ~ _ C,) ~ ~~ ~ ~ o ~ C,)U u $:l~ ~ $:l $:l ~ . ..-I ~ ~ ~ ~ ~ C,)r:/) 8~ $:l C,) ~ ~ C,) ...-1 65 o C,) ~.-B ~1) ~ Z ~ ~ > ~ to-o4 ::t ~ C-' Z to-o4 ~ ~ ~ ~ ~ < to-o4 U ~ Z to-o4 IJ.c IJ.c o ~ ~ ~ < ."'> ...E ..... ~ - ~ ;0 ~ ~ c ..... H s::0 o.w Ul 0 s:: ~ ...c: .,-i 00 I-J OJ -,-i 0 H s:: o rtS ...:IS:: .,-i ~ ~ H OJ ~ .,-i p:: ~ r-l ril ~ .b ~ (U t:U ;::: l:U.- ~..t: <:l-:;:g..::- iZ ~;z~ ......5j.~ ~ ~ ;:: -.-!/) t:U -.. ;::: ~ E s.:;;:: & ft~~~ ~E;::"'"<:l t5.E~~~ '" '" ... "';::~"'~ -:;: '- 14I 15 ~ .5' 5 ... ~~ ~~~~ ~ ~ ........::: U) 5",5~E lejE-~ 5.. ~~~ tI) C.-..... a.;;. '_ ..::..:: ;:: l::l.. -au'" 5 ~~.E~ E~'t-l::l..~:E ~ ~ ",'~ J! S .lu"<:l _ _"<:l :::.... ..;::'_ <:l ;:: <:l "'- U .e J:l '" C ... ~"<:l;;;-.E-~ />0.5 ;::: ~"<:l'u ;:: '" lu '" ;:: :;:",U:E!~<:l ~ ~ tS u ~ ::: ~ ..:: ~ '-, ~ ~ : .~'t- ~ ~ __~",,,,E .s .-...........::: g:::'"58st; <:l] <:l~&15 .5 .S.1:: 1t... ;.... Co ~ u;:: "'- 't- ~ ;:: U .~ .:; "<:l.:;:-~;::1: ... :::. <: <:l <:l ~/>o:.::;z a ~ ;::.:;~<:l ~'U:::::......-..... ~ u ~ ::; ~ ~ ~~15 &:::..:: />o~ ~ ~ ,.1 .' .' I - j I' 1,1 \ . ~" ! . r" I j , .', l' I ill f. " \,i J \t t .... .8 l.J ~ i:'5 Cll .;J a ~ I' .', I I" \ LO 0"\ 0"\ r-l 0"\ :>.. H rtS ~ s:: rtS I-J ~ 8 ( . f' e .- --- --- --- --- --- --- --- GOVERNMENT FINANCE OFFICERS ASSOCIATION 180 North Michigan Avenue. Suite 800. Chicago. Illinois 60601 312/977-9700 . Fax: 312/977-4806 January 9, 1995 NEWS RELEASE For information contact: Stephen Gauthier (312) 977-9700 (Chicago)--The Certificate of Achievement for Excellence in Finan- cial Reporting has been awarded to: CITY OF ELK RIVER 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- e 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: LORI 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, e 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 e The .Certificate 0 chievement for Excellence m cial Reporting is an award designed to recoglrlzeand courage excellence in financial reporting by state and local. governments. The. attainment ofa Certificate 0 Achievementrepresents a significant accomplishmen for a government and its management. .. . . e "' ' ' -. -', The rtificate of AchieYemen~ f~r Excellence in man- .. cial Reporting Program (Certificate Program) was estab:" lished 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 fisc year... The GFOA believes that governments have a spe cial responsibility to provide the public with a fair pre- sentation of their financial affairs. . CAFRs go beyond the requirements of generally accepted acco~ting pri pIes (GAAP) to provide the many users of government financial statements with a wide variety of information useful in evaluating the financial condition of a govem- ment. . mus include gene purpose nanCl statements pre- sented in Conformity \\lith GAAP. These reports are also required to have been audited in accordance with gener- any accepted auditing standards, with the auditor taking . at least "in relation to" responsibility for combining, indi-: .vidual 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 un- derstanding of the information required by GAAP for fair presentation of the financial statements, be effi- ~ciently organized and adhere to certain generally ac- . cepted terminology and formatting conventions; The ; ... Certificate Program provides participants with extensive . . echnical reference material on governmental accounting dfinancialreporting theory. This material provides fi- ance officials with the tools they need to improve their nancial reporting techniques... .; ! To be eligible for a Certificate of Achievement, a report must be the published CAFR of a unit of governmentor . a public employee retirement system. Eligible CAFRs...... ",.. .___ -":.'i _"P' ',\' _,0 "'- - -- .-' -,- o ;kticipate in the Certificat~ Program, government units must complete an application form and submit four 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 postmarkedL . within six months of the government's fiscalyearelld. AWARD WINNERS FOR FISCAL YEARS ENDED IN 1992 e . e Minnesota Albert Lea Anoka . Anoka County Austin Blaine Bloomington Blue Earth County 8 Breckenridge Brooklyn Center Brooklyn Park Champlin Chanhassen Chaska Columbia Heights Coon Rapids Cottage Grove Dakota County Detroit Lakes Duluth Eagan East Grand Forks Eden Prairie Elk River Fainnont Falcon Heights Faribault Fergus Falls Fridley Golden Valley Goodview Grand Rapids Hennepin County Hopkins Hugo lnver Grove Heights Lakeville Mahtomedi Mankato Maple Grove Maplewood Metropolitan Council of the Twin Cities Area Metropolitan Transit Commission Metropolitan Waste Control Com- mission Minneapolis Minneapolis Employees Retirement Fund Minneapolis Fire Department Relief Association Minneapolis Library Board Minneapolis-Saint Paul Metropolitan Airports Commission Minnetonka Moorhead Mora Monis Mound Mounds View New Brighton New Hope North Mankato North Sainl Paul Oakdale Olmsted County Orono Plymouth Ramsey County Rice County Richfield Robbinsdale Rochester Roseville Saint Cloud Saint Louis County Saint Louis Park Saint Paul Saint Paul Housing and Redevelop- ment Authority Shakopee Shorcview Shorewood State of Minnesota Stearns County Stillwater Suburban Hennepin Regional Park District Wadena Waseca Washington County Wayzata West Saint Paul Western Lake Superior Sanitary District White Bear Lake Willemie Winona Worthington ~---~--~----._- -- Reports Submitted and Certificates Awarded For Fiscal Years Ended in 1992, 1991 and 1990 Special Review Committee and Members at December 31, 1993 and 1992 e FY 92 Reports FY 91 Reports FY 90 Reports SRC SRC Processed in 1993 Processed in 1992 Processed in 1991 1993 1992 Submissions A wards Submissions A wards Submissions AIDU:.ds Members Members Alabama 12 12 12 11 12 10 1 1 Alaska 17 16 15 15 18 15 2 3 American Samoa 1 1 1 1 1 1 1 Arizona 73 73 65 62 56 52 15 18 Arkansas 5 5 5 5 5 5 2 2 Califomia 204 194 189 172 167 153 52 50 Colorado 80 77 82 79 75 72 26 26 Connecticut 34 34 33 33 30 29 7 8 Delaware 3 3 3 3 3 3 3 3 District of Columbia 2 2 2 2 2 2 10 12 Florida 168 163 158 153 149 143 72 81 Georgia 58 53 58 54 58 53 15 20 Hawaii 6 5 5 5 5 5 1 2 Idaho 9 8 8 7 6 5 3 4 illinois 144 139 140 132 129 122 36 37 Indiana 21 20 21 21 21 21 10 7 Iowa 25 24 24 23 24 23 7 7 Kansas 25 23 22 20 20 18 3 5 Kentucky 14 13 15 12 12 11 3 3 Louisiana 26 24 26 25 21 20 8 7 Maine 3 2 3 1 1 1 2 3 Maryland 32 30 30 29 28 28 13 12 eMassachusetts 4 3 2 2 2 2 7 8 Michigan 55 53 52 50 49 44 12 9 Minnesota 91 90 87 86 79 77 ________.33 33 Mississippi 5 5 5 4 4 4 0 1 Missouri 54 51 46 45 43 43 19 19 Montana 8 8 8 8 8 8 7 5 Nebraska 6 6 6 6 4 3 7 7 Nevada 21 21 21 21 22 22 10 11 New Hampshire 4 4 4 3 3 2 3 1 New Jersey 3 3 2 1 2 1 5 5 New Mexico 4 4 3 3 3 2 1 1 New York 43 42 42 38 41 38 21 27 North Carolina 92 89 86 82 73 64 16 18 North Dakota 6 3 5 4 3 3 8 6 Ohio 161 157 145 142 118 114 54 56 Oklahoma 18 18 11 9 9 9 7 7 Oregon 83 81 71 69 64 60 17 11 Pennsylvania 46 40 41 33 32 28 17 17 Rhode Island 7 7 8 7 7 7 5 6 South Carolina 39 34 41 39 36 30 11 11 South Dakota 4 3 3 3 3 3 0 0 Tennessee 24 23 22 20 22 20 9 9 Texas 251 241 235 223 225 212 60 57 Utah 24 23 24 23 23 20 10 10 Vermont 0 0 0 0 e Virginia 66 65 63 61 63 61 21 27 Washington 50 47 47 45 45 42 24 20 West Virginia 2 2 3 2 1 1 5 1 Wisconsin 26 25 22 18 18 17 8 6 Wyoming ---2 ---2 ---2 ---2 ---2 ---2 ~ ---3 TOTAL 2168 2.018. 2Q11 1921 1854 1738 ...6.2.3. ~ 31 Certificates Awarded For Reporting Entity FISCal Years Ended in 1992 and~ by GFOAin Calendar Year 1993 Colleges School Council of and _ Municipal County District Enterprises Government Sti!k PERS Qthg[ Univ. I2tJ!l Alabama 11 1 12 Alaska 5 6 5 16 American Samoa 1 1 Arizona 23 3 41 3 1 2 73 Arkansas 5 5 California 145 18 1 13 1 1 15 194 Colorado 37 14 13 4 3 6 77 Connecticut 29 1 1 1 2 34 Delaware 2 1 3 Dist of Columbia - 1 1 2 Rorida 111 31 2 11 1 7 163 Georgia 30 15 3 3 1 1 53 Hawaii 3 1 1 5 Idaho 3 2 2 1 8 illinois 80 10 9 5 1 13 18 3 139 Indiana 8 2 1 5 1 3 20 Iowa 18 2 3 1 24 Kansas 12 4 3 3 1 23 Kentucky 8 1 1 1 1 1 13 Louisiana 5 3 13 1 1 1 24 Maine 2 2 Maryland 11 10 2 1 4 1 1 30 Massachusetts 1 1 1 3 _ Michigan 35 12 1 1 3 1 53 Minnesota 69 10 4 1 1 2 3 90 Mississippi 3 1 1 5 Missouri 35 6 3 3 2 2 51 Montana 3 3 1 1 8 Nebraska 4 1 1 6 Nevada 7 2 1 3 1 1 6 21 New Hampshire 3 1 4 New Jersey 1 2 3 New Mexico 2 1 1 4 New York 23 6 5 1 1 5 1 42 North Carolina 42 31 14 1 1 89 North Dakota 2 1 3 Ohio 77 33 28 5 1 1 6 6 157 Oklahoma 8 2 1 4 1 2 18 Oregon 31 11 22 2 2 1 1 8 3 81 Pennsylvania 15 10 8 3 1 2 1 40 Rhode Island 7 7 South Carolina 18 8 4 2 1 1 34 South Dakota 3 3 Tennessee 17 3 1 1 1 23 Texas 138 27 40 9 7 1 5 13 1 241 Utah 13 2 6 1 1 23 Vennont Virginia 32 14 2 13 1 3 65 _waShington 22 9 3 9 1 2 1 47 West Virginia 1 1 2 Wisconsin 10 8 4 1 2 25 Wyoming --.2 --.l - -1 - - -1. - - --.2 - - - - - TOTAL 1171 325 243 114 18 _24 ~ 100 14 2078 32 . Statement of Operations Reports Submitted and Certificates Awarded For Fiscal Years Ended in 1992, 1991,1990, and 1989 FY 92 Reports FY 91 Reports FY 90 Reports FY 89 Reports By Type of Processed in 1993 Processed in 1992 Processed in 1991 Processed in 1990 Government Sgbmissions A wards Submissions A wards Submissions A wards Submissions A wards Municipal 1226 1171 1173 1105 1090 1017 984 908 County 343 325' 322 308 303 283 275 263 School District 251 243 227 215 190 177 170 155 Enterprise 116 114 98 93 86 85 84 80 Council of Govts. 18 18 16 16 14 14 13 12 State 27 24 26 24 24 22 20 18 PERS 72 69 67 66 59 59 53 50 Colleges and Universities 15 14 6 5 Other ..lOO ..lOO -2.6 -82 ~ -.lil ~ --62 TOTAL REPORTS ~ ~ ~ ..lm ~ ~ ~ ~ By Fiscal Year End January 0 0 0 0 February 9 9 8 8 8 8 8 8 eMarch 13 12 12 9 10 9 9 7 !April 81 79 79 74 70 67 63 61 May 8 8 8 7 8 7 5 4 June 1025 981 942 882 842 776 739 675 July 5 5 5 5 5 4 6 3 August 57 57 52 49 48 45 42 39 September 378 362 360 345 344 327 323 302 October 4 4 4 4 1 1 1 1 November 8 8 7 7 7 7 6 6 December .28Q -ill ~ ..ill .2U ..A.81 ..4Ql 442 TOTAL REPORTS ~ m ~ ~ m1 .w.a ~ .wa . 33 City and County Reports Submitted (including ineligible reports) for Fiscal Years Ended in 1992 Compared to Total Cities and Counties Cities Counties e % % Units* Submitters Submit Units* Submitters Submit Alabama 436 11 2.52 67 0 0 Alaska 149 5 3.36 9 7 77.78 Arizona 81 23 28.40 15 3 20.00 Arkansas 483 5 1.04 75 0 0 California 442 153 34.62 57 18 31.58 Colorado 266 38 14.29 62 15 24.20 Connecticut 180 29 16.11 0 0 0 Delaware 57 2 3.51 3 1 33.33 Florida 390 116 29.74 66 31 46.97 Georgia 532 36 6.77 158 16 10.13 Hawaii 1 0 0.00 4 4 100.00 Idaho 198 3 1.52 44 3 6.82 illinois 2713 83 3.06 102 10 9.80 Indiana 1575 8 .51 91 2 2.20 Iowa 955 18 1.88 99 2 2.02 Kansas 1987 14 .70 105 4 3.81 Kentucky 437 9 2.06 119 1 .84 Louisiana 301 6 1.99 61 3 4.92 Maine 493 3 .61 16 0 0 Maryland 155 12 7.74 23 10 43.48 Massachusetts 351 2 .57 12 0 0 Michigan 1776 37 2.08 83 12 14.46 Minnesota 2653 69 2.60 87 10 11.49 __MiSSiSSiPPi 293 3 1.02 82 0 0 Missouri 1255 38 3.03 114 6 5.26 Montana 128 3 2.34 54 3 5.56 Nebraska 988 4 .40 93 0 0 Nevada 18 7 38.89 16 2 12.50 New Hampshire 234 3 1.28 10 0 0 New Jersey 567 1 .18 21 0 0 New Mexico 98 2 2.04 33 1 3.03 New York 1547 23 1.49 57 8 14.04 North Carolina 495 43 8.69 100 32 32.00 North Dakota 1721 4 .23 53 1 1.89 Ohio 2258 78 3.45 88 33 37.50 Oklahoma 591 8 1.35 77 2 2.60 Oregon 240 33 13.75 36 11 30.56 Pennsylvania 2570 18 .70 66 10 15.15 Rhode Island 39 7 17.95 0 0 0 South Carolina 269 20 7.43 46 10 21.74 South Dakota 1293 4 .31 64 0 0 Tennessee 334 17 5.09 94 3 3.19 Texas 1156 141 12.20 254 33 12.99 Utah 225 13 5.78 29 3 10.34 Vermont 292 0 0 14 0 0 Virginia 229 33 14.41 95 14 14.74 Washington 266 25 9.40 39 9 23.08 West Virginia 230 0 0 55 0 0 _Wisconsin 1848 11 .60 72 8 11.11 Wyoming ~ --.5. 5.26 ---23. --2 8.70 TOTAL 35,890 1,226 3.42 3,043 343 11.27 *Source: 1987 Census of Governments Cities include cities, municipalities, villages and townships. 34