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|CITY COUNCIL AGENDA ITEM NO. 3
Meeting Date: November 18, 2008
Subject/Title: Receive and File Report on Financial Awards Received by the City’s Finance and Information Systems Department
Submitted by: Kerry Breen, Business Services Manager
Approved by: Pam Ehler, Director of Finance and Information Systems
Receive and file Report on Financial Awards received by the City’s Finance and Information Systems Department.
The Finance and Information Systems Department takes great pride in publishing documents which adhere to the highest standards of governmental budgeting and accounting excellence. Receipt of these awards is indicative of the high standards expected by the City Council and serve to reaffirm the validity and integrity of the City’s financial reporting and budgeting to our citizens, staff, and outside agencies. Furthermore, establishing and maintaining a reputation for high quality financial reporting within the ever-tightening credit markets has assisted the City in obtaining lower interest rates and payments for City debt. Following are the awards which were received during the 2008 calendar year:
Distinguished Budget Presentation Award from the Government Finance Officer’s Association (GFOA) for the 2007/08 – 2008/09 Operating Budget. This national award was established by GFOA to recognize individual governments that prepare Operating Budgets of the very highest quality and reflect both the guidelines established by the National Advisory Council on State and Local Budgeting and the GFOA’s recommended practices on budgeting. The City’s Operating Budget is reviewed by selected members of the GFOA professional staff and by outside reviewers with experience in public sector budgeting.
Meritorious in Budget Innovations from the California Society of Municipal Finance Officers (CSMFO) for the 2006/07 – 2015/16 Fiscal Model. This State Award recognizes the City’s fiscal model as a leading innovative tool which can is being used to assist in developing a fiscally responsible vision of the City’s long-term financial environment. Receiving this award is difficult and quite rare - CSMFO awarded a Budget Innovation award to just two cities (three agencies) in the entire State while ninety-nine agencies were recognized for the Operating Budget award.
Excellence in Operating Budgeting from the California Society of Municipal Finance Officers for the FY 2007/08 – 2008/09 Operating Budget. This State Award was established by CSMFO to recognize those agencies whose operating budget documents meet certain state-wide standards and requirements considered to be of the highest quality.
Excellence in Capital Budgeting from the California Society of Municipal Finance Officers for the 2007/08 – 2011/12 Capital Improvement Program Budget. This State Award was established by CSMFO to recognize those agencies whose Capital Improvement budget documents meet certain state-wide standards and requirements considered to be of the highest quality.
Excellence in Financial Reporting from the Government Finance Officer’s Association for the Comprehensive Annual Financial Report (CAFR) Fiscal Year Ended June 30, 2007. This national award was established by GFOA to recognize individual governments that prepare annual financial reports that exemplify the spirit of transparency and full disclosure. The City’s CAFR is reviewed by selected members of the GFOA professional staff and the GFOA Special Review Committee, which comprises individuals with expertise in public-sector financial reporting and includes financial statement preparers, independent auditors, academics, and other finance professionals.
Recognition of the City’s adherence to the highest standards of Governmental Reporting continues to have a significant impact on our ability to obtain reasonable financing through the credit markets. While the dollar value is difficult to quantify, the recent “AA” rating from Standard and Poor’s for the City’s Surface Water Treatment Facility Bonds allowed the City to sell the bonds at rates that would not have been attainable without the strength, reliability, and reputation of the City’s management and financial reporting.
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