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REQUEST FOR COUNCIL ACTION Date:05/08/00 <br /> Item No.: G.1 <br /> Department A proval: Manager Reviewed Agenda Section <br /> Recognitions <br /> Item Description: Certificate of Achievement for Excellence in Financial Reporting-1998 <br /> Background <br /> In 1979,the City of Roseville submitted and received their first award for Excellence in Financial <br /> Reporting and has been fortunate to continue to receive the award every year since. <br /> The award was instituted by the Government Finance Officers Association in 1945 to encourage <br /> local governments (State, County, Cities, other Districts) to prepare and publish and easily readable <br /> and an understandable comprehensive annual financial report (CAFR) covering all funds and <br /> transactions of the government during the fiscal year. <br /> Eligible CAFRs for the award must include general purpose financial statements presented in <br /> conformity with General Accepted Accounting Principles,(GAAP)and to have been audited in <br /> accordance with generally accepted auditing standards. <br /> The City of Roseville is one of 1,500 cities nationally who was recognized in 1998 for this award. <br /> There are 36,000 eligible communities nationally and this award places Roseville in the 4% who <br /> received recognition. In Minnesota,there are over 2,600 eligible communities and Roseville is one <br /> of 81 cities (3%)who received this award. <br /> We are now compeleting our 1999 Comprehensive Annual Financial Report and that too will be <br /> submitted for the award. <br /> Staff Recommendation <br /> Staff wishes to present this award this year to the City Council. Awards such as these are only <br /> received by Communities who are governed in a manner which places fiscal integrity and <br /> disclosure as very high priorities. <br /> Staff is appreciative of the Council's sense of obligation and duty and their establishing of high <br /> standards for us to follow. <br />