HomeMy WebLinkAbout06.d. [Revised] Approve the Comprehensive Annual Financial Report (CAFR) as of June 30, 2016 for submission to the Government Finance Officers Association 6.d.
(Revised)
Central San
' BOARD OF DIRECTORS
POSITION PAPER
Board Meeting Date: January 12, 2017
subject: APPROVE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT AS
OF JUNE 30, 2016 FOR SUBMISSION TO THE GOVERNMENT
FINANCE OFFICERS ASSOCIATION
Submitted By: Initiating Dept./Div.:
Thea Vassallo, CPA, CMA Administrative / Finance & Accounting
Finance Manager
REVIEWED AND RECOMMENDED FOR BOARD ACTION:
Phil Leiber- Director of Finance and Administration
Roger S.Bailey
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.
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
governments that succeed in achieving that goal.
Central San was awarded a Certificate of Achievement for Excellence in Financial
Reporting by the GFOA for the report submitted for the Fiscal Year 2014-15. 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 agency must publish an easily readable report in a
prescribed format report that complies with GAAP, Governmental Accounting Standards
Board (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, as well as external use with other agencies,
and is posted on Central San's website for the general public. A Certificate of
Achievement is valid for a period of one year.
Page 1 of 2
POSITION PAPER
Board Meeting Date: January 12, 2017
Subject: APPROVE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT AS OF
JUNE 30, 2016 FOR SUBMISSION TO THE GOVERNMENT FINANCE
OFFICERS ASSOCIATION
Page 2 of 2
The Finance and Accounting Division has prepared Central San’s CAFR as of June 30,
2016. It is believed that the current CAFR continues to meet the Certificate of
Achievement Program requirements and staff is asking for Board approval to submit it
to the GFOA to determine its eligibility for another certificate.
A draft of the June 30, 2016 CAFR was provided to the full Board as part of the agenda
packet for the December 27, 2016 Finance Committee meeting. The Committee
provided input on the CAFR. The final CAFR reflecting the changes is included as
Attachment 1.
ALTERNATIVES/CONSIDERATIONS: None.
FINANCIAL IMPACTS: There is an application fee for submission of a CAFR for
review based on total revenues of the entity applying. Based on this sliding fee
schedule, Central San’s fee is $580.
COMMITTEE RECOMMENDATION: On December 27, 2016, the Finance Committee
reviewed the draft on June 30, 2016 CAFR and recommended changes regarding the
number of Full Time Equivalents (FTEs) filled as of June 30, 2016; the Management
Discussion and Analysis Capital Assets; Household Hazardous Waste customers
served annually; 2 million pounds of HHW disposal; and recycled water truck services
were added to the statistical section. O ther minor revisions will be made next fiscal
year. The Committee recommended Board approval at this meeting.
RECOMMENDED BOARD ACTION: Review and approve the June 30, 2016 CAFR for
submission to the GFOA.
Attached Supporting Document:
1. CAFR for the Fiscal Year ended June 30, 2016 [Revised]