HomeMy WebLinkAbout03.d. Approve the Comprehensive Annual Financial Report (CAFR) as of June 30, 2013Central Contra Costa Sanitary District 3. al,
' BOARD OF DIRECTORS
POSITION PAPER
Board Meeting Date: December 5, 2013
subject: APPROVE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT AS
OF JUNE 30, 2013 FOR SUBMISSION TO THE GOVERNMENT
FINANCE OFFICERS ASSOCIATION
Submitted By: Initiating Dept. /Div.:
Thea Vassallo, CPA Administrative / Finance & Accounting
Finance Manager
REVIEWED AND RECOMMENDED FOR BOARD ACTION:
K. Alm R. Bailey
Counsel for the District 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
submission.
Review and approve the June 30, 2013 CAFR for GFOA
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 the report submitted for the fiscal year 2011 -12. 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
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POSITION PAPER
Board Meeting Date: December 5, 2013
subject: APPROVE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT AS OF
JUNE 30, 2013 FOR SUBMISSION TO THE GOVERNMENT FINANCE
OFFICERS ASSOCIATION
statistical data. The CAFR provides a concise document for internal management use,
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,
2013. 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, 2013 CAFR was provided to the full Board as part of the agenda
packet for the November 18, 2013 Budget and Finance Committee meeting. The
Committee did not recommend any changes. The final CAFR is included in the agenda
packet under separate cover.
COMMITTEE RECOMMENDATION: On November 18, 2013, the Budget and Finance
Committee reviewed the draft of the June 30, 2013 CAFR and recommended Board
approval at the December 5, 2013 Board meeting.
RECOMMENDED BOARD ACTION: Approve the CAFR for submission to the GFOA.
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