HomeMy WebLinkAbout04.d. Approve CAFR as of June 30, 2011Central Contra Costa Sanitary District
•
' BOARD OF DIRECTORS
POSITION PAPER
Board Meeting Date: December 8, 2011
subject: APPROVE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT AS OF
JUNE 30, 2011 FOR SUBMISSION TO THE GOVERNMENT FINANCE OFFICERS
ASSOCIATION.
Submitted By:
Debbie Ratfcliff, Controller
Initiating Dept. /Div.:
Administrative / Finance & Accounting
REVIEWED AND RECOMMENDED FOR BOARD ACTION:
f
D. Ratcliff V.M,4graves
l
James Kelly,
Gener I Manager
ISSUE: Board approval is requested to submit a Comprehensive Annual Financial
Report (CAFR) to the Government Finance Officers Association of United States and
Canada (GFOA) for review.
RECOMMENDATION: Review and approve the June 30, 2011 CAFR for GFOA
submission.
FINANCIAL IMPACTS: There is an application fee for submission of a CAFR for
review based on total revenues of the entity applying. The District fee is $505 based on
this sliding fee schedule.
ALTERNATIVES /CONSIDERATIONS: None.
BACKGROUND: The GFOA is a professional association of state /provincial and local
finance officers in the United States and Canada, and has served the public finance
profession since 1906. The association's members are dedicated to the sound
management of government financial resources and the GFOA provides input to the
Governmental Accounting Standards Board (GASB). The GFOA sponsors the
Certificate of Achievement for Excellence in Financial Reporting Program.
The Finance and Accounting Division has prepared the District's CAFR as of June 30,
2011. The District was awarded a Certificate of Achievement for Excellence in Financial
Reporting by the GFOA for reports submitted for the 2000 -2010 fiscal years. The
Certificate of Achievement is the highest form of recognition for excellence in state and
local government financial reporting. In order to be awarded a Certificate of
Achievement, a government must publish an easily readable and efficiently organized
comprehensive annual financial report. The CAFR includes ten years of historical
financial and statistical data and provides a concise document for internal management
use as well as external use with prospective bond rating agencies for evaluating the
creditworthiness of the District. This report must satisfy both generally accepted
accounting principles and applicable legal requirements.
HACAFR 12- 08- 11.doc Page 1 of 2
POSITION PAPER
Board Meeting Date: December 8, 2011
subject. APPROVE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT AS OF
JUNE 30, 2011 FOR SUBMISSION TO THE GOVERNMENT FINANCE OFFICERS
ASSOCIATION.
A Certificate of Achievement is valid for a period of one year only. We believe our
current comprehensive financial report continues to meet the Certificate of Achievement
Program's requirements and we are asking approval to submit it to the GFOA to
determine its eligibility for another certificate.
The Board Finance Committee reviewed a draft of the June 30, 2011 CAFR on
November 14, 2011 and had no recommended changes. The full Board received a
draft copy at that time and will receive a final document at the December 8, 2011 Board
meeting.
RECOMMENDED BOARD ACTION: Approve the CAFR for submission to the GFOA.
HACAFR 12- 08- 11.doc Page 2 of 2