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-ARPEN HILLS <br /> MEMORANDUM <br /> DATE: July 11, 2011 <br /> TO: Honorable Mayor and City Council Members <br /> Patrick Klaers, City Administrator <br /> FROM: Sue Iverson, Director of Finance and Administrative Services <br /> SUBJECT: GFOA Financial Awards Presentation <br /> Background <br /> The Government Finance Officers Association of the United States and Canada (GFOA) <br /> has three award programs which promote best practices in Budget and Financial <br /> reporting. <br /> The Certificate of Achievement for Excellence in Financial Reporting or CAFR award is <br /> for entities whose Comprehensive Annual Financial Report (CAFR) achieves the highest <br /> standards in government accounting and financial reporting. This is our financial <br /> statement. <br /> The Award for Outstanding Achievement in Popular Annual Financial Reporting, or <br /> PAFR, is given to entities who publish a Popular Annual Financial Report(PAFR) whose <br /> contents conform to program standards of creativity, presentation, understandability and <br /> reader appeal. This report is primarily for the "non-finance" person in an easy to <br /> understand format. We send this report out annually in our newsletter. <br /> The Distinguished Budget Presentation Award represents a significant achievement by <br /> the entity. It reflects the commitment of the governing body and staff to meet the highest <br /> principles of governmental budgeting. In order to receive the budget award, the entity <br /> had to satisfy nationally recognized guidelines for effective budget presentation. These <br /> guidelines are designed to assess how well an entity's budget serves as a policy <br /> document, financial plan, operations guide, and a communications device. <br /> City Council Meeting <br /> P:1Admin\CouncillAgendas&Packet Information120 1 117-1 1-1 1 Regular\Packet lnformationTinancial <br /> Awards.doc <br /> Page 1 of 2 <br />