HomeMy WebLinkAbout2B, Presentation of Financial Awards EN HILLS
Request for Council Action
2B
Prepared By: Sue Iverson, Director of Finance
and Administrative Services Council Meeting Date: July 11,2011
GFOA Financial Awards Presentation
Budgeted Amount: Actual Amount: Funding Source:
NA NA NA
Recommendation:
Informational only. No action required.
Supporting Documents:
1. Memorandum dated July 11, 2011, from Sue Iverson.
-ARPEN HILLS
MEMORANDUM
DATE: July 11, 2011
TO: Honorable Mayor and City Council Members
Patrick Klaers, City Administrator
FROM: Sue Iverson, Director of Finance and Administrative Services
SUBJECT: GFOA Financial Awards Presentation
Background
The Government Finance Officers Association of the United States and Canada (GFOA)
has three award programs which promote best practices in Budget and Financial
reporting.
The Certificate of Achievement for Excellence in Financial Reporting or CAFR award is
for entities whose Comprehensive Annual Financial Report (CAFR) achieves the highest
standards in government accounting and financial reporting. This is our financial
statement.
The Award for Outstanding Achievement in Popular Annual Financial Reporting, or
PAFR, is given to entities who publish a Popular Annual Financial Report(PAFR) whose
contents conform to program standards of creativity, presentation, understandability and
reader appeal. This report is primarily for the "non-finance" person in an easy to
understand format. We send this report out annually in our newsletter.
The Distinguished Budget Presentation Award represents a significant achievement by
the entity. It reflects the commitment of the governing body and staff to meet the highest
principles of governmental budgeting. In order to receive the budget award, the entity
had to satisfy nationally recognized guidelines for effective budget presentation. These
guidelines are designed to assess how well an entity's budget serves as a policy
document, financial plan, operations guide, and a communications device.
City Council Meeting
P:1Admin\CouncillAgendas&Packet Information120 1 117-1 1-1 1 Regular\Packet lnformationTinancial
Awards.doc
Page 1 of 2
Current Discussion
We are pleased to inform the Council and the public that Arden Hills has received all
three awards from the GFOA. These awards are for: CAFR— 2009, PAFR—2009, and
Budget — 2010. Darrin Nelson, State Representative on the Board of Directors of the
Minnesota Government Finance Officers Association (MnGFOA), will be present at
Monday's meeting to present these awards to the City.
Much work goes into producing these documents and the finance staff will be present at
the meeting. Success in these programs is due to the work of the entire department. Each
of them takes a lead role in preparing the documents:
Kyle Howard, Finance Analyst—Budget Document
Ashley Bertrand, Accounting Analyst—Financial Report
Pang Silseth, Accounting Clerk—Popular Financial Report
We have received both the CAFR and PAFR awards since the 2006 reports and the
Budget award since the 2009 report. We have submitted the 2011 Budget and the 2010
financial reports to the awards program and are confident that they fulfill the program
requirements and will be receiving the awards in the future.
City Council Meeting
P:1Admin\Council\Agendas&Packet Information1201117-11-11 RegularTacket InformationTinancial
Awards.doc
Page 2 of 2