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HomeMy WebLinkAbout5.b. Acknowledgement of Award of Certificate of Achievement for Excellence in Financial ReportingAGENDA ITEM: Acknowledgement of Award of Certificate of Achievement for Excellence in Financial Reporting AGENDA SECTION: Department Head Report PREPARED BY: Jeff May, Finance Director AGENDA NO. .b. ATTACHMENTS: Certificate Award, Notification Letter APPROVED BY: Dal RECOMMENDED ACTION: 4 ROSEMOUNT CITY COUNCIL City Council Regular Meeting: January 20, 2009 EXECUTIVE SUMMARY For the twelfth consecutive year, the Government Finance Officers Association has awarded the City of Rosemount a Certificate of Achievement for Excellence in Financial Reporting. The award recognizes the City's comprehensive annual financial report for the fiscal year that ended December 31, 2007. The report was accepted by the City Council during its regular meeting on June 3, 2008. The Association describes the Certificate as "the highest form of recognition in governmental accounting and financial reporting." An impartial panel judged the City's report based on high standards, including the demonstration of a "spirit of full disclosure" to communicate the City's financial situation to interested parties. The Association, which is a non -profit professional group, says the award has proven to benefit governments that receive it in areas such as clarity, completeness, and as an aid to marketing securities. Rosemount was one of eight communities in Dakota County to receive the Certificate for 2006 (2007 results are not yet available). This year's award will be sent to Finance Director Jeff May, who will add it to the crowded display of the eleven previous awards visible in the lobby of City Hall. The award winning, 85 -page report can be downloaded from the City's website on the Finance Department page. Certificate of Achievement for Excellence in Financial Reporting Presented to City of Rosemount Minnesota For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 2007 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. President Executive Director October 28, 2008 Government Finance Officers Association 203 N. LaSalle Street Suite 2700 Chicago, IL 60601 Phone (312) 977 -9700 Fax (312) 977 -4806 Jeffrey A. May Finance Director City of Rosemount 2875 145th Street West Rosemount MN55068 -4941 Dear Mr. May: We are pleased to notify you that your comprehensive annual financial report (CAFR) for the fiscal year ended December 31, 2007, 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. Each entity submitting a report to the Certificate of Achievement review process is provided with a "Summary of Grading" form and a confidential list of comments and suggestions for possible improvements in its financial reporting techniques. Your list has been enclosed. You are strongly encouraged to implement the recommended improvements into the next report and submit it to the program. If it is unclear what must be done to implement a comment or if there appears to be a discrepancy between the comment and the information in the CAFR, please contact the Technical Services Center (312) 977 -9700 and ask to speak with a Certificate of Achievement Program in -house reviewer. Certificate of Achievement program policy requires that written responses to the comments and suggestions for improvement accompany the next fiscal year's submission. Your written responses should provide detail about how you choose to address each item that is contained within this report. These responses will be provided to those Special Review Committee members participating in the review. When a Certificate of Achievement is awarded to a government, an Award of Financial Reporting Achievement (AFRA) is also presented to the individual(s) or department designated by the government as primarily responsible for its having earned the Certificate. As the designated individual we have enclosed your AFRA. Your Certificate of Achievement plaque will be shipped to you 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. A sample news release has been enclosed. We suggest that you provide copies of it to local newspapers, radio stations and television stations. In addition, enclosed is the Certificate Program "Results" for reports with fiscal years ended during 2006 representing the most recent statistics available. current holder of a Certificate of Achievement may include a reproduction of the award in its immediately subsequent AFR. A camera ready copy of your Certificate is enclosed for that purpose. If you reproduce your Certificate in your next port, please refer to the enclosed instructions. A Certificate of Achievement is valid for a period of one year. To continue participate in the Certificate of Achievement Program it will be necessary for you to submit your next CAFR to our review rocess. i order to expedite your submission we have enclosed a Certificate of Achievement Program application form to facilitate a mely submission of your next report. This form should be completed and sent (postmarked) with three copies of your port, three copies of your application, three copies of your written responses to the program's comments and suggestions for nprovement from the prior year, and any other pertinent material with the appropriate fee by June 30, 2009. our continued interest in and support of the Certificate of Achievement Program is most appreciated. If we may be of any irther assistance, please contact Delores Smith (dsmith @gfoa.org or (312) 578 5454). incerely, government Finance Officers Association tephen J. Gauthier, Director 'echnical Services Center JG /ds