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HomeMy WebLinkAbout2011 01 24 Informational 101 Distinguished Budget Presentation Award And Certificate Of Achievement For Excellence In Financial Reporting COMMISSION AGENDA CONSENT INFORMATIONAL X ITEM 101 PUBLIC HEARING REGULAR January 24, 2011 MGR `DEPT 4 l Special Meeting Authorization REQUEST: The Finance Department and the City Manager are pleased to announce that the City of Winter Springs has received the Distinguished Budget Presentation Award and the Certificate of Achievement for Excellence in Financial Reporting. SV'NOPSIS: The purpose of this Agenda item is to announce that the City has received the Distinguished Budget Presentation Award (FY 2010) and the Certificate of Achievement for Excellence in Financial Reporting (FY 2009). CONSIDERATIONS: Regarding the Distinguished Budget Presentation Award program, the GFOA has compiled an extensive set of criteria which would distinguish a budget as a policy document, financial plan, operations guide. and communications device. Documents submitted to the Budget Award Program are reviewed by select members of the GFOA professional staff and by. outside reviewers with experience in public - sector budgeting. To receive the award the document must be rated either proficient or outstanding by at least two of the three reviewers for all four basic categories, as well as for 14 of the 27 specific criteria identified as mandatory. It is an honor to convey that the City was notified in June 2010 that vve xvere awarded the designation for the third consecutive year. The budget document as submitted to GFOA is available on the City's website. http:. ww.winterspringsfl.org EN- web find codes "DocsFormsPubs 43915 43924 tinalbudget201 O.htm We believe our current budget continues to conform to program requirements. In December 2010, the 2011 budget document was submitted to the GFOA to determine its eligibility for another award. The 2010-2011 Budget submission is also available on the City's website. http: www.winterspringsfi.org EN 'web find codes DocsFormsPubs `43915 43924 FY201 1.htm In April 2010, the City submitted the Comprehensive Annual Financial Report for the fiscal year 2008- 2009 to the Government Finance Officer's Association to be considered for the Certificate of Excellence in Financial Reporting award. Each CAFR is reviewed using a checklist designed to determine compliance with both generally accepted accounting principles (GAAP) and program policy as established by the GFOA's Special Review Executive Committee and the GFOA Executive Board. Reviews are performed by GFOA staff and members of the GFOA's Special Review Committee. ■vhich comprises individuals from government, the public accounting profession, and academe who possess specialized expertise in governmental financial reporting, typically as a result of either preparing or auditing a CAFR that has received the Certificate of Achievement. A Certificate is awarded only if there is consensus among reviewers that a CAFR substantially complies with both GAAP and program policy. It is an honor to convey that the City was notified this past fall that we were again being awarded the Certificate of Excellence in Financial Reporting award for the twelfth year. The 2009 CAFR as submitted to GFOA is available on the City's website. http. 'www.winterspringsfl.org *iEN/web/find/codes/ DocsFormsPubs/4391 /43924/cafr2009.htm When the 2010 audit and CAFR have been completed the CAFR will once again be submitted for the award with the expectation that it will conform to program requirements. FISCAL IMPACT: The award program application fees for the Distinguished Budget Award and the Certificate of Excellence in Financial Reporting are about S350 and S450, respectively. These fees are routinely budgeted in Finance and administrative Services (1300 division). COMMUNICATION EFFORTS: This Agenda Item has been forwarded to the Mayor and City Commission; City Manager; City Attorney/Staff; placed in Press Packets; placed in the City Hall (Lobby) City Commission Meeting binder; and is available on the City's Website, LaserFiche, and the City's Server. Additionally, information related to this Agenda Item has been sent to media/press representatives who have requested AgendasAgenda Item information, all Homeowner's Associations on file with the City, all individuals who have requested Agendas• Agenda Item information, Department Directors; and also posted outside City Hall; posted inside City Hall with additional copies available for the general public; and posted at five (5) different locations around the City. RECOMMENDATION: Staff requests the City Commission review and accept the information provided in this Agenda Item. ATTACHMENTS: Distinguished Budget Award Notification Letter- Distinguished Budget .award (FY 2010) Certificate of Excellence in Financial Reporting Award Notification Letter Financial Reporting Award (FY 2009) 012411 COMM Informational Budget CAFR Awards • GOVERNMENT FINANCE OFFICERS ASSOCIATION D istinguished u dget Presentation Award PRESENTED TO City of Winter Springs Florida For the Fiscal Year Beginning October 1, 2009 Aree10,- oefflrgert.o. President Executive Director G Government Finance Officers Association 203 North LaSalle Street, Suite 2 700 Chicago, Illinois 60601 -1210 312.977.9700 fax: 312.9 77.4806 June 7, 2010 Ms. Kelly Balagia Budget Analyst/Interim Finance Director City of Winter Shrines 1126 East State Road 434 Winter Springs, FL 32708 Dear Ms. Balagia: A Panel of independent reviewers has completed its examination of your budget document. We are pleased to inform you that the panel has voted to award your budget document the Distinguished Budget Presentation Award for the current fiscal period. This award is the highest form of recognition in governmental budgeting. Its attainment represents a significant achievement by your organization. The Distinguished Budget Presentation Award is valid for one year. To continue your participation in the program, it will be necessary to submit your next annual budget document to GFOA within 90 days of the proposed budget's submission to the legislature or within 90 days of the budget's final adoption. Enclosed is an application form to facilitate a timely submission. This form should be submitted with four copies of your budget accompanied by the appropriate fee. Each program participant is provided with confidential comments and suggestions for possible improvements to the budget document. Your comments are enclosed. We urge you to carefully consider the suggestions offered by our reviewers as you prepare your next budget. When a Distinguished Budget Presentation Award is granted to an entity, a Certificate of Recognition for Budget presentation is also presented to the individual or department designated as being primarily responsible for its having achieved the award. Enclosed is a Certificate of Recognition for Budget Preparation for: Kelly Balagia, Budget Analyst/Interim Finance Director Your award plaque will be mailed separately and should arrive within eight to ten weeks. Enclosed is a camera -ready reproduction of the award for inclusion in your next budget. If you reproduce the camera -ready in your next budget, it should be accompanied by a statement indicating continued compliance with program criteria. The following standardized text should be used: Washington, DC Office 1301 Pennsylvania Avenue, N.W, Suite 309 • Washington, DC 20004 • 202.393.8020 • fax: 202.393.0780 www. gfoa. org Ms. Kelly Balauia June 7, 2010 Page 2 The Government Finance Officers Association of the United States and Canada (GFOA) presented a Distinguished Budget Presentation Award to City of Winter Springs, Florida for its annual budget for the fiscal year beginning September 28, 2009. In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device. This award is valid for a period of one year only. We believe our current budget continues to conform to program requirements, and we are submitting it to GFOA to determine its eligibility for another award. A press release is enclosed. The Government Finance Officers Association encourages you to make arrangements for a formal presentation of the award. If you would like the award presented by a member of your state or provincial finance officers association, we can provide the name of a contact person for that group. We appreciate your participation in this program and we sincerely hope that your example will encourage others in their efforts to achieve and maintain excellence in governmental budgeting. The most current list of award recipients (with hyperlinks) can be found on GFOA's website at www.gfoa.org. If we can be of further assistance, please contact the Technical Services Center. Sincerely, f f?z Stephen J. Gauthier, Director Technical Services Center Enclosure Certificate of Achievement for Excellence in Financial Reporting Presented to City of Winter Springs Florida For its Comprehensive Annual Financial Report for the Fiscal Year Ended September 30, 2009 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to gov ernment units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in goN eminent accounting and financial reporting. 1-` �,cr. Or U ., f0,, JEDST,1Fi` —, \� V t .... [c= :Tt'7A ,, /y President —, \ -. . -' 4s." -1-7N -- : ,:::.::::> " i *-/Cr ' Executive Director Government Finance Officers Association 203 N. LaSalle Street - Suite 2700 Chicago, IL 60601 Phone (312) 977 -9700 Fax (312) 977 -4806 November 2, 2010 The Honorable John Bush Mayor City of Winter Springs 1126 East S.R. 434 Winter Springs FL 32708 Dear Mayor Bush: We are pleased to notify you that your comprehensive annual financial report for the fiscal year ended September 30, 2009 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: Shawn Boyle 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. A sample news release is enclosed to assist with this effort. In addition, details of recent recipients of the Certificate of Achievement and other information about Certificate Program results are available in the "Awards Program" area of our website, www.gfoa.org. We hope that your example will encourage other government officials in their efforts to achieve and maintain an appropriate standard of excellence in financial reporting. Sincerely, Government Finance Officers Association z( q;: Stephen J. 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 11/02/2010 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 Winter Springs 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 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: Shawn Boyle, Finance Director 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 17,500 government finance professionals with offices in Chicago, IL, and Washington, D.C.