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*****Media Advisory*****
Press Release
Finance Department Wins Second National Award
8/8/03

BRENTWOOD, CA – The City of Brentwood has been awarded its second national award from the Government Finance Officers Association (GFOA) of the United States and Canada, the Certificate of Achievement in Financial Reporting for the 2001/02 Comprehensive Annual Financial Report (CAFR). Last year the Finance Department submitted the City’s first CAFR to the GFOA’s award program, and came away with the prestigious award for the 2000/01 CAFR. 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.

Significant to this particular award is the City’s achievement in complying with a mandate given by the Government Accounting Standards Board (GASB). GASB 34 established financial reporting standards for state and local governments, including states, cities, towns, villages, and special-purpose governments such as school districts and public utilities. Compliance with the new financial reporting model was mandated for the City of Brentwood to be effective as of fiscal year ending 2003. However, the City has met the requirements an entire year early.

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.

Credit goes to the City Council for providing clear policy direction and goals that have been used to prepare this Comprehensive Annual Financial Report. A great deal of effort and attention to detail has gone into the preparation of this document by City of Brentwood staff members in the development of this report. These dedicated members assisted and contributed to its preparation. The efforts of the Finance Department staff made it possible to improve the quality of the information being reported to the citizens, the City Council and other users on a much 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.

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