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REQUEST FOR COUNCIL ACTION Date: 05/08/00 Item No.: G-l Department A proval: ~\ Manager Reviewed Agenda Section Recognitions Item Description: Certificate of Achievement for Excellence in Financial Reporting-1998 Background In 1979, the City of Roseville submitted and received their first award for Excellence in financial Reporting and has been fortunate to continue to receive the award every year since. The award was instituted by the Government Finance Officers Association in 1945 to encourage local governments (State, County, Cities, other Districts) to prepare and publish and easily readable and an understandable comprehensive annual financial report (CAfR) covering all funds and transactions of the government during the fiscal year. Eligible CAFRs for the award must include general purpose financial statements presented in conformity with General Accepted Accounting Principles, (GAAP) and to have been audited in accordance with generally accepted auditing standards. The City ofRoseville is one of 1,500 cities nationally who was recognized in 1998 for this award. There are 36,000 eligible conununities nationally and this award places Roseville in the 4% who received recognition. In Minnesota, there are over 2,600 eligible conununities and Roseville is one of8l cities (3%) who received this award. We are now compeleting our 1999 Comprehensive Annual Financial Report and that too will be submitted for the award. Staff Recommendation Staff wishes to present this award this year to the City Council. Awards such as these are only received by Conununities who are governed in a manner which places fiscal integrity and disclosure as very high priorities. Staff is appreciative of the Council's sense of obligation and duty and their establishing of high standards for us to follow.