HomeMy WebLinkAbout5.b. Certificate of Financial Achievement Award 4ROSE .tvLOLIN4TEXECUTIVE SUMMARY
CITY COUNCIL
City Council Regular Meeting: January 2, 2008
AGENDA ITEM: Acknowledgement of Award of Certificate AGENDA SECTION:
of Achievement for Excellence in Department Head Report
Financial Reporting
PREPARED BY: Jeff May, Finance Director AGENDA NO.
5•
ATTACHMENTS: Certificate Award, Notification Letter APPROVED BY:
RECOMMENDED ACTION:
For the eleventh 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, 2006. The report
was accepted by the City Council during its regular meeting on June 5, 2007.
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 last year. This
year's award will be sent to Finance Director Jeff May, who will add it to the crowded display of the ten
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, 2006
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.
w eAx
l President
Or
Executive Director
G Government Finance Officers Association
203 N. LaSalle Street Suite 2700
Chicago, IL 60601
Phone (312) 977 -9700 Fax (312) 977 -4806
November 28, 2007
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,
2006, 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 m its fmancial 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
Dach 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 2005 representing the most recent statistics available.
A current holder of a Certificate of Achievement may include a reproduction of the award in its immediately subsequent
CAFR. A camera ready copy of your Certificate is enclosed for that purpose. If you reproduce your Certificate in your next
report, please refer to the enclosed instructions. A Certificate of Achievement is valid for a period of one year. To continue
to participate in the Certificate of Achievement Program it will be necessary for you to submit your next CAFR to our review
process.
In order to expedite your submission we have enclosed a Certificate of Achievement Program application form to facilitate a
timely submission of your next report. This form should be completed and sent (postmarked) with three copies of your
report, three copies of your application, three copies of your written responses to the program's comments and suggestions for
improvement from the prior year, and any other pertinent material with the appropriate fee by June 30, 2008.
Your continued interest in and support of the Certificate of Achievement Program is most appreciated. If we may be of any
further assistance, please contact Delores Smith (dsmith @gfoa.org or (3 l2) 578 5454).
Sincerely
Government Finance Officers Association
Stephen J. Gauthier, Director
Technical Services Center
SJG /ds