To: Honorable Mayor and City Council
CC: John Stevenson
From: Pamela Ehler, Director of Finance and Information Systems
2001/02 CAFR Award
Last year the Finance Department submitted the City’s second Comprehensive
Annual Financial Report (CAFR) to the Government Finance Officers
Association’s award program. The Government Finance Officers Association
offers a recognition program for public entities to determine whether the
City conforms to the highest level of financial reporting standards. If a
city qualifies, a Certificate of Achievement is awarded for a period of one
year. The Certificate Program, which was established in 1945, is designed to
recognize and encourage excellence in financial reporting by state and local
governments. I am very pleased to announce that the City of Brentwood has
been awarded the Certificate of Achievement for Excellence in Financial
Reporting for the second year in a row for the 2001/02 CAFR.
This award is significant because it is the first year using the new
Governmental Accounting Standards Board (GASB) Statement No. 34. This
statement was issued in June of 1999, which established new financial
reporting requirements for state and local governments throughout the United
States. Compliance with the new financial reporting model was mandated for
the City of Brentwood to be effective as of fiscal year ending 2003.
However, we have met our requirements one year early.
This new format is a significant change in the way governments present
financial information. This will enable the City Council and residents to
become more aware of the benefits and information contained in the new
financial model by providing new information and restructuring much of the
information that governments have presented in the past.
An award-winning CAFR shows a dedication to fiscal responsibility and
outstanding financial management and reporting. It promotes improved public
finance and can increase the City’s credit rating as it presents additional
technical information not found in a standard financial reporting package.
This award is a reflection on the entire staff as this document was created
and published in-house as opposed to having our auditor prepare it. It also
creates a great deal of pride as it is a national award.
I wish to thank the City Council for providing clear policy direction and
goals that have been used to prepare this Comprehensive Annual Financial
Report. I would also like to express my appreciation to all City of
Brentwood staff members who have taken the time to participate in the
development of this report. A great deal of effort and attention to detail
has gone into the preparation of this document. These dedicated members
assisted and contributed to its preparation. Special recognition is given to
the Finance Departments, and specifically to Denise Davies, Patti Bowden,
Brian Kelleher and Gail Leech. Their efforts made it possible to improve the
quality of the information being reported to the citizens, the City Council
and other users on a more timely basis. Appreciation is also expressed to
the Mayor, the City Council and the City Manager for their interest and
support in planning and conducting the financial activities of the City in a
responsible and responsive manner.