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HomeMy WebLinkAbout2013 01 28 Informational 101 Comprehensive Annual Financial Report (CAFR) AwardCOMMISSION AGENDA ITEM 101 January 28, 2013 Regular Meeting Informational X Consent Public Hearings Regular KS SB City Manager Department REQUEST: The Finance Department and the City Manager are pleased to announce that the City of Winter Springs has received the Certificate of Achievement for Excellence in Financial Reporting for our Fiscal Year 2011 Comprehensi ve A nnual Financial Report. SY NOPSI S: The purpose of this Agenda item is to announce that the City has received the Certificate of Achievement for Excellence in Financial Reporting for the 2010 -2011 Comprehensive Annual Financial Report (CAFR). CONS! DERATI ONS: In April 2011, the City submitted our Comprehensive Annual Financial Report for Fiscal Year 2011 to the Government Finance Officer's Association to be considered for the Certificate of Excel l ence in Financial Reporting award. Each CAFR is reviewed using a checklist designed to determine compliance with both general l y 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, which 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. I t is an honor to convey that the City was recently notified that we were being awarded the Certificate of Excellence in Financial Reporting award for the fourteenth year. The 2011 CAFR as submitted to GFOA is available on the City's website Lath ;6•9$9 t ! D9 3 hC9 1J Wj T 9$9c: at: : / /www.wii rater Mrii n sill or w/ s/FormsDo+ ndlPub /Fii nanceBud et /CAFIR2011 e rdf When the 2012 audit and CAFR have been completed, the 2012 CAFR will again be submitted for the Certificate of Excellence in Financial Reporting and we anticipate continued conformity to program requirements. FISCAL I M PACT: The award program application fees for the Certificate of Excellence in Financial Reporting are $450. These fees are routinely budgeted in Finance and Administrative Services. The benefits of this award continue to contribute to the low capital cost of borrowing for the City. COM M UNI CATI ON EFFORTS: This Agenda Item has been electronically forwarded to the Mayor and City Commission, City Manager, City Attorney /Staff, , and is available on the City's Website, LaserFiche, and the City's Server. Additionally, portions of this Agenda Item are typed verbatim on the respective Meeting Agenda which has also been electronically forwarded to the individuals noted above, and which is also available on the City's Website, LaserFiche, and the City's Server; has been sent to applicable City Staff, Media/Press Representatives who have requested Agendas/Agenda Item information, Homeowner's Associations/Representatives on file with the City, and all individuals who have requested such information. This information has also been 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. Furthermore, this information is also available to any individual requestors. City Staff is always willing to discuss this Agenda Item or any Agenda Item with any interested individuals. RECOM M ENDATI ON: Staff requests the City Commission receive and review the information provided in this Agenda Item. ATTACHM ENTS: Notification Letter and Certificate of Excel l ence in Financial Reporting Award Lath ;6•9$9t!D9 3hC9'',i 1 WjT9$9c: Government Finance Officers Association 203 N. LaSalle Street - Suite 2700 Chicago, IL 60601 Phone (312) 977 -9700 Fax (312) 977 -4806 October 26, 2012 Shawn Boyle Finance and Administrative Services Director City of Winter Springs 1126 East S.R. 434 Winter Springs FL 32708 Dear Mr. Boyle: We are pleased to notify you that your comprehensive annual financial report (CAFR) for the fiscal year ended September 30, 2011, 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, 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 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 March 31, 2013. 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 (312) 578 - 5454). Sincerely, Government Finance Officers Association Stephen J. Gauthier, Director Technical Services Center SJG /ds 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, 2011 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. Executive Director