5.2. SR 11-12-2002Item 5.2.
l iver
MEMORANDUM
TO:
FROIvl:
DATE:
SUBJECT:
Playor and City Council
Government Finance Officers Association (GFOA) F
Award
inance
I am very pleased to once again notify the City Council that the City of Elk Ri~ er has
received the Certificate of Achievement (COA) for excellence in financial repo:ting for the
2001 fiscal year. A COA plaque acknowledging this award has been received a~d will be on
display Monday evening.
The COA is a prestigious national award recognizing performance with the hi est
standards for preparation of state and local government financial reports. In o~derlto
achieve a CO& the governmental unit must publish an easily readable and efficiently
organized comprehensive annual financial report (CAFR) whose components ~onf6rm to
program standards. The CAFR must satisfy both generally accepted accounting principals
and applicable legal requirements. The COA is valid for a one-year period. The ~ of Elk
River has received the COA for 13 consecutive years ending December 31, 2001. :
The city receiving this award is due to the efforts of the entire finance departmknt including
Joan Frick, Senior Accounting Clerk; Lauren Wipper, Payroll Clerk; Lori Ziem¢r, Assistant
Finance Director; and Lori Johnson, Finance Director. Responsibility for prepkration 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 COA information including a news release and some pages from the
booklet that was provided by the GFOA.
S:Council/Pat/GFOAmem
GOVERNMENT FINANCE
OFFICERS ASSOCIATION
203 North LaSalle Street, Suite 2700, Chicago, Illinois 60601-1210
312/977-97OO · Fax: 312/977-4806
S£p 1 8 2002
The Certificate of Achievement plaque will be shipped
Ms. Lori Johnson
Finance Director
under separate cover in about eight weeks. We hope tha
arrange for a formal presentation of the Certificate an,
Financial Reporting Achievement, and that appropriate p'
will be given to this notable achievement. To assist w
enclosed are a sample news release and the Certificate
"Results" for reports with fiscal years ended during 20
senting the most recent statistics available.
We hope that your example will encourage other governme~
cials in their efforts to achieve and maintain an epproI
standard of excellence in financial reporting.
Sincerely,
GOVERNMENT FINANCE OFFICERS ASSOCIATION
Director/Technical Services Center
SJG/ds
WASHINGTON OFFICE
1750 K Street, N.W., Suite 350, Washington, DC 20006
202/429-2750 · Fax: 202/429-2755
you will
Award of
lblicity
[th this,
Program
~0 repre-
~t offi-
Driate
September 18, 2002
The Honorable Stephanie Klinzing
Mayor
City of Elk River
13065 Orono Parkway
Elk River, Minnesota 55330
Dear Mayor Klinzing:
We are pleased to notify you that your comprehensive an~ua! finan-
cial report for the fiscal year ended December 31,i 2001iqualifies~ .
for a Certificate of Achievement for Excellence in! Financial
The Certificate of Achievement is the highest form of
Reporting.
recognition in governmental accounting and financial re~orting,~
and its attainment represents a significant accomplishment by a
government and its management.
GOVERNMENT FINANCE
OFFICERS ASSOCIATION :
203 North LaSalle Street, Suite 2700, Chicago, Illinois 60601-1210
312/97~9700 · Fax: 312/9704806
September 18, 2002
For information cont~
NEWS RELEASE Stephen Gauthier (31~
(Chicago)--The Certificate of Achievement for Excellenc~
cial Reporting has been awarded to: City of Elk River,
by the Government Finance Officers Association of the U
and Canada (GFOA) for its comprehensive annual financia[
(CAFR) . The Certificate of Achievement is the highest
recognition in the area of governmental accounting and
reporting, and its attainment represents a significant
ment by a government and its management.
An Award of Financial Reporting Achievement has be
to the individual(s), department or agency designated b
government as primarily responsible for preparing the a'
winning CAFR. This has been presented to:
Finance Department, City of Elk River
The CAFR has been judged by an impartial panel to
high standards of the program including demonstrating a
tire "spirit of full disclosure" to clearly communicate
financial story and motivate potential users and user gl
to read the CAFR.
The GFOA is a nonprofit professional association sc
approximately 14,000 government finance professionals wz
in Chicago, Illinois, and Washington, D.C.
WASHINGTON OFFICE
1750 K Street, N.W., Suite 350, Washington, DC 20006
202/429-2750 · Fax: 202/429-2755
~ct:
) 977-9700
in Finan-
~ited States
report
orm of
inancial
ccomplish-
~n awarded
the
ard-
]eet the
construc-
its
~oups
~rving
.th offices
CERTIFICATE OF ACHIEVEMENT FOR EXCELLED
IN FINANCIAL REPORTING
2001 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 rdspon, sibility
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.
Securities
Marketing Aid:
Clarity:
ComparabiliO,:
recognized award, and its
significant accomplishme]
and its management.
Reports qualifying for a (
ment provide a detailed ve
analysts, investors, potent
may assess the relative
government unit=s sec
alternative investment opl
CAFRs satisfying the (
requirements are likely to
and potentially misleadin
Since CAFRs qualifyint
Achievement employ stm
and fornaatting conventio
one year to the next
government units are faci]
To be eligible for a Certificate of Achievement, a report must be the
published CAFR of a unit of government, a public college or
m~iversity, a public employee retirement system, or a governmental
investment pool. 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. 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 infornaation required by GAAP for fair
presentation of the financial statements, be efficiently organized and
adhere to certain generally accepted temfinology and formatting
conventions. The Certificate Program provides participants with
extensive technical reference material on govermnental acc.ounting
and financial reporting theory. This material provides finance
officials with the tools they need to improve their financial reporting
techniques.
Benefits qf the Certificate qf Achievement review. The ~'owth 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,
statistical tables and n
required for a Certificate c
assure that all fiscal data
needed by the many pers~
legitimate interest in the
government unit. These
erning boards, investors
resource providers, taxpa
To participate in the Certificate Program, ~
complete an application form and submit
CAFR, with the appropriate fee, to the GF
Certificate Program's Special Review Conmn
be obtained from the GFOA's Certificate Pr(
(312/977-9700) or fi'om the "Forms" sectio
at www.gfoa.org. Submissions must be [
months of the government's fiscal year end.
The following list identifies all of the go'
successful in obtaining a Certificate of Acl
with fiscal >,ears that ended in 2000. The t
holding certificates that have been recogni:
each state or jurisdiction are in bold italics.
those governments that prepared a CAFR
new financial reporting model establis}
Accounting Standards Board Statement No
Statements-and Management's Discussion ~
and Local Governments and won the Certific
that CAFR. A listing of these governments i
list of winners to recognize their accomplis]
preceding the government's name indicat
GFOA's Distinguished Budget Presentation
period beginning in 2000.
[CE
ittainment represents a
~t by a government unit
ertificate of Achieve-
hicle by which market
al investors and others
attractiveness of a
Mties compared to
~ortunities.
:ertificate Program=s
be free of ambiguities
presentations.
for a Certificate of
Jardized ternfinology
as, comparisons from
tnd among different
itated.
supporting schedules,
~rrative explanations
fAchievement help to
are presented that are
~ns and groups with a
financial affairs of a
groups include gov-
~nd creditors, grantor
'ers and others.
overnment units must
three copies of their
DA for review by the
ittee. Applications can
,gram Staff in Chicago
a of GFOA's website
.ostmarked within six
,ernments that were
tievement for CAFRs
;overnments cmTently
:ed the most times in
~ecial note is given to
accordance with the
',d by Governmental
34, Basic Financial
!nd Analysis-for State
~te of Achievement for
)recedes the complete
tment. Also, a # sign
~s they received the
Award for their fiscal
MINNESOTA
Albert Lea
Anoka
#Anoka County
Austin
Blaine
#Bloomington (30 awards)
#Blue Earth County
Brainerd
Breckenridge
Brooklyn Center
#Brooklyn Park
#Burnsville
Carver County
Chmthassen
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
Conzrnission
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 Conmaunity Devlopment
Agency
Minneapolis Employees' Retirement
Fund
Minneapolis Library Board
#Mi~meapolis-Saint Paut Metropolitan
Airports Commission
Mim~esota Public Employees'
Retirement Association
Minnesota State Lottery
Minnesota State Retirement System
Minnesota Teachers' Retirement
Association
Minnetonka
Moorhead
Mora
Morris
12
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 Count
Saint Louis Park
Saint Paul
Saint Paul Housing
Authority
Savage
Shakopee
Sherburne County
Shoreview
Shorewood
South Saint Paul
State of Minnesota
Stillwater
Suburban Hennepi~
Disn'ict
Twin Cities Area IX,
Wadena
Waseca
#Washington Coun
Wayzata
West Saint Paul
Western Lake Sup~
#White Bear Lake
#White Bear Town
Winona
#Worthington
md Redevelopment
Regional Park
etropolitan Council
rior Sanitary District
;hip
Reports Submitted and Certificates Awarded for Fiscal Years Ended in 1998,1999
Active Special Review Committee Members During Years Ended December 31, 2001
FY 98 Reports FY 99 Reports FY 00 Reports 2001
Processed in 1999 Processed in 2000 Processed in 2001 Active Si
Submissions Awards Submissions Awards Submissions Awards Member
Alabama 16 14 15 15 14 14 1
Alaska 22 21 26 26 26 26 5
American Samoa 1 1 1 1 1 1 0
Arizona 118 116 109 108 116 115 12
Arkansas 8 8 9 9 8 8
California 293 282 303 296 313 309 50
Colorado 100 99 107 107 103 103 22
Connecticut 54 53 55 53 58 58 10
Delaware 6 6 8 8 8 8 2
District of Columbia 3 3 3 3 3 3 10
Florida 212 209 211 210 219 216 56
Georgia 82 79 87 83 93 91 17
Hawaii 6 6 6 6 6 6 0
Idaho 14 14 13 13 13 13 2
Illinois 197 195 204 202 203 202 35
Indiana 26 26 27 27 27 27 2
Iowa 36 36 40 40 41 41 6
Kansas 37 37 40 38 39 39 8
Kentucky 20 18 20 20 19 19 3
Louisiana 44 42 45 43 44 44 7
Maine 10 9 10 10 11 9 7
Maryland 37 36 40 38 40 40 6
Massachusetts 9 9 10 10 11 10 9
Michigan 79 78 84 80 90 87 12
Minnesota 105 105 105 105 108 108 27
Mississippi 7 7 7 7 7 7 0
Missouri 70 67 70 67 68 68 13
Montana 12 11 12 12 12 11 2
Nebraska 7 7 7 7 7 7 4
Nevada 23 23 24 23 26 26 6
New Hampshire 8 8 8 8 7 7 1
New Jersey 12 12 11 10 9 9 4
New Mexico 6 6 6 6 5 5 2
New York 62 59 66 64 64 61 23
North Carolina 150 146 154 153 156 155 34
North Dakota 9 9 9 9 8 8 9
Ohio 243 243 262 262 284 283 76
Oklahoma 26 25 25 25 27 26 8
Oregon 101 98 98 98 98 96 13
Pennsylvania 56 53 57 57 55 55 9
Puerto Rico 8 7 9 8 7 7 1
Rhode Island 8 5 7 6 7 7 1
South Carolina 67 65 68 68 69 67 16
South Dakota 5 5 5 5 5 5 0
Tennessee 36 36 39 38 38 38 7
Texas 305 300 309 302 314 309 46
Utah 34 34 34 34 34 33 4
Vermont 0 0 0 0 I 0 0
Virginia 92 90 95 95 95 94 14
Washington 58 57 55 51 55 54 15
West Virginia 7 7 8 8 8 8 4
Wisconsin 41 40 43 42 43 42 10
Wyoming 10 10 12 11 12 12 2
TOTAL 2998 2932 3078 3027 3135 3097 634
Submissions and Awards include ineligible and stub period repor[s, as appropriate.
26
and 2000
~nd 2000
2000
',C Active SRC
Members
1
4
0
13
0
55
19
11
4
9
57
15
1
3
37
2
8
9
4
8
6
8
9
14
28
0
13
3
3
5
3
4
2
23
29
10
78
8
12
11
0
1
14
0
8
39
4
0
14
12
4
9
3
637
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
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
Certificates Awarded For Reporting Entity Fiscal Years Ended in 2000
and Processed by GFOA in Calendar Year 2001
School Council of Colleqe
Municipal County District Enterprise Government State PERS Univers,
11 0 0 1 0 1 1
10 7 6 1 0 0 2
0 0 0 0 0 0 1
32 5 62 3 1 0 6
7 0 0 0 0 1 0
204 21 0 35 1 1 22
36 16 20 10 0 1 7
50 0 1 2 0 1 0
3 1 0 1 0 1 1
0 0 0 2 0 1 0
144 33 6 2O 1 0 5
50 20 6 5 1 0 1
1 3 0 0 0 1 1
5 4 2 0 0 1 1
106 10 14 13 0 1 15
14 2 1 5 1 1 0
24 5 6 2 0 I 1
25 5 4 2 0 0 2
11 2 0 2 0 1 2
8 6 20 5 0 0 3
7 1 0 1 0 0 0
12 11 4 1 0 1 7
6 0 0 2 0 1 1
54 21 3 2 0 I 5
81 11 1 3 1 1 5
5 0 0 0 0 1 1
40 7 3 10 1 0 4
5 3 1 0 0 0 1
5 0 0 0 0 1 0
8 3 1 3 0 1 1
4 0 0 1 0 1 1
1 0 4 2 0 1 1
2 1 1 0 0 0 1
27 10 9 5 0 I 7
67 51 27 4 0 1 1
4 1 0 0 0 1 2
110 44 98 14 1 I 6
12 2 1 5 0 1 5
33 11 24 7 4 1 1
24 13 12 2 0 1 2
0 0 0 3 0 1 0
6 0 0 1 0 0 0
24 15 13 5 0 1 1
4 0 0 0 0 0 1
24 7 0 5 0 1 1
149 45 54 21 5 1 9
19 3 6 3 0 1 1
0 0 0 0 0 0 0
38 24 6 17 0 1 6
28 8 5 8 0 1 2
0 0 0 6 0 1 0
20 10 1 3 0 1 0
7 1 0 1 0 1 1
1567 443 422 244 17 39 145
&
ties
27
0
o
0
4
0
0
0
o
0
o
0
0
0
0
6
0
1
0
0
0
0
2
0
0
0
0
0
0
1
0
o
0
0
o
1
0
0
0
5
0
1
0
8
0
0
6
0
0
0
0
0
7
0
42
Other
0
o
0
2
0
25
13
4
1
o
7
8
0
0
37
3
1
1
1
2
0
2
0
1
5
0
3
1
0
9
o
0
0
2
3
0
9
0
10
1
2
0
0
0
0
19
0
0
2
2
1
0
1
178
Total
14
26
1
115
8
3o9
103
58
8
3
216
91
6
13
2o2
27
41
39
t9
44
9
40
10
87
lO8
7
68
11
7
26
7
9
5
61
155
8
283
26
96
55
7
7
67
5
38
3o9
33
0
94
54
8
42
12
3097
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 2000
Percentage of total cities, counties and states submitting
Cities*
Population Units Submitted Percent
1 - 9,999 32,326 258 0.80%
10,000 - 24,999 2,125 467 21.98%
25,000 - 49,999 860 388 45.12%
50,000 - 99,999 435 268 61.61 %
100,000 - 199,999 168 127 75.60%
200,000 or more 86 77 89.53%
Total 36,000 1,585 4.40%
% 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
89.53%
80.31%
68.51%
55.52%
36.12%
4.40%
* "Cities" includes cities, municipalities, villages, and townships
Counties
Population Units Submitted
1 - 9,999 700 3
10,000 - 24,999 886 22
25,000 - 49,999 618 50
50,000 - 99,999 379 98
100,000 - 249,999 273 127
250,000 or more 187 152
Total 3,043 452
Percent
0.43%
2.48%
8.09%
25.86%
46.52%
81.28%
14.85%
% 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
81.28%
60.65%
44.93%
29.31%
19.16%
14.85%
States**
Units Submitted Percent
52 4O 76.92%
.... States" includes the District of Columbia and the Commonwealth of Puerto Rico
32
City and County Reports Submitted (including ineligible and stub period reports)
for Fiscal Years Ended in 2000 Compared to Total Cities and Counties
Cities Counties
~JnTs* Submitter~ ~~ Units* Submitters % Submitted
Alabama 446
Alaska 149
Arizona 87
Arkansas 491
California 471
Colorado 269
Connecticut 179
Delaware 57
Florida 394
Georgia 535
Hawaii 1
Idaho 200
Illinois 2721
Indiana 1577
Iowa 950
Kansas 1997
Kentucky 434
Louisiana 302
Maine 489
Maryland 156
Massachusetts 351
Michigan 1776
Minnesota 2648
Mississippi 295
Missouri 1268
Montana 128
Nebraska 990
Nevada 19
New Hampshire 234
New Jersey 567
New Mexico 99
New York 1544
North Carolina 527
North Dakota 1704
Ohio 2251
Oklahoma 592
Oregon 240
Pennsylvania 2569
Rhode Island 39
South Carolina 269
South Dakota 1265
Tennessee 343
Texas 1177
Utah 230
Vermont 286
Virginia 231
Washington 275
West Virginia 232
Wisconsin 1849
Wyoming 97
Total 36000
11 2.47% 67 0 0.00~/o
10 6.71% 12 7 58.33~'o
32 36.78% 15 5 33.33~/o
7 1.43% 75 0 0.00%
207 43.95% 57 21 36.84~
36 13.38% 62 16 25.81'
50 27.93% 0 0 0.00'
3 5.26% 3 1 33.33'
145 36.80% 66 33 50.00~
50 9.35% 156 22 14.10'
1 100.00% 3 3 100.00'
5 2.50% 44 4 9.09'
106 3.90% 102 10 9.80'
14 0.89% 91 2 2.20'
24 2.53% 99 5 5.05'
25 1.25% 105 5 4.76'
11 2.53% 119 2 1.68'
8 2.65% 60 6 t0.00'
9 1.84% 16 I 6.25'
12 7.69% 23 11 47.83'
6 1.71% 12 0 0.00'
55 3.10% 83 22 26.51'
81 3.06% 87 11 12.64'
5 1.69% 82 0 0.00~
40 3.15% 114 7 6.14~
5 3.91% 54 4 7.41 '
5 0.51% 93 0 0.00'
8 42.11% 16 3 18.75'
4 1.71% 10 0 0.00'
1 0.18% 21 0 0.00'
2 2.02% 33 1 3.03<
28 1.81% 57 12 21.05'
67 12.71% 100 53 53.00~
4 0.23% 53 1 1.89<
111 4.93% 88 44 50.00'
13 2.20% 77 2 2.60~
34 14.17% 36 11 30.56<
24 0.93% 66 13 19.70<
6 15.38% 0 0 0.00'
25 9.29% 46 15 32.61'
4 0.32% 66 0 0.00~
24 7.00% 93 7 7.53~
152 12.91% 254 45 17.72'
20 8.70% 29 3 10.34'
1 0.35% 14 0 0.00<
38 16.45% 95 24 25.26~
29 10.55% 39 8 20.51~
0 0.00% 55 0 0.00~
20 t.08% 72 11 15.28~
7 7.22% 23 1 4.35~
1585 4.40% 3043 45__[2 14.85~
* Source: 1997 Census of Governments
Cities includes cities, municipalities, villages, and townships
33