HomeMy WebLinkAbout03.d. Approve the Comprehensive Anual Financial Report (CAFR) as of June 30, 2012Central Contra Costa Sanitary District
' BOARD OF DIRECTORS 3.
POSITION PAPER
Board Meeting Date: December 6, 2012
subject: APPROVE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT AS OF
JUNE 30, 2012 FOR SUBMISSION TO THE GOVERNMENT FINANCE OFFICERS
ASSOCIATION
Submitted By
Thea Vassallo, CPA
Finance Manager
Initiating Dept. /Div,:
Administrative / Finance & Accounting
REVIEWED AND REC�&MENDED FOR BOARD ACTION:
Thea Vassallo Kent Alm
024-
Ann Farrell,
General 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, 2012 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 GFOA established the Certificate of Achievement for
Excellence in Financial Reporting Program in 1945 to encourage and assist state and
local governments to go beyond the minimum requirements of generally accepted
accounting principles (GAAP) and to prepare comprehensive annual financial reports
that provide transparency and full disclosure, and then recognize individual govern-
ments that succeed in achieving that goal.
The District was awarded a Certificate of Achievement for Excellence in Financial
Reporting by the GFOA for reports submitted for the fiscal years 2000 -2011. 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 report in a prescribed
format report that complies with GAAP, GASB and GFOA program policy and
requirements. The CAFR includes ten years of District historical, financial, and
statistical data. The CAFR provides a concise document for internal management use,
C:\ Users \danderson\AppData \Local \Microsoft \Windows\Temporary Internet Files \Content.Outlook \DVCG8C5G \CAFR 12- 06- 12.doc
Page 1 of 2
POSITION PAPER
Board Meeting Date: December 6, 2012
Subject. APPROVE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT AS OF
JUNE 30, 2012 FOR SUBMISSION TO THE GOVERNMENT FINANCE OFFICERS
ASSOCIATION
as well as external use with other agencies, and is posted on the District's website for
the general public. A Certificate of Achievement is valid for a period of one year.
The Finance and Accounting Division has prepared the District's CAFR as of June 30,
2012. We believe our current CAFR continues to meet the Certificate of Achievement
Program requirements and we are asking for Board approval to submit it to the GFOA
to determine its eligibility for another certificate.
A draft of the June 30, 2012 CAFR has been provided to the full Board. The Budget
and Finance Committee will review the draft when it meets on December 3, 2012. The
final CAFR will be distributed at the December 6, 2012 Board meeting and will
incorporate changes recommended by the Budget and Finance Committee, if any.
RECOMMENDED BOARD ACTION: Approve the CAFR for submission to the GFOA.
C:\ Users \dandersonWppData \Local \Microsoft\Windows \Temporary Internet Files \Content.Outlook \DVCG8C5G \CAFR 12- 06- 12.doc
Page 2 of 2