HomeMy WebLinkAbout04.c. Approve Comp. Ann. Fin. Report (CAFR)Central Contra Costa Sanitary District
' BOARD OF DIRECTORS -C •
POSITION PAPER
Board Meeting Date: December 2, 2010
Subject: APPROVE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT AS OF
JUNE 30, 2010 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:
�ff'� graves ame Kelly,
yGeneral 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, 2010 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 for the current year.
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 for Fiscal Year
2009 -2010. The District was awarded a Certificate of Achievement for Excellence in
Financial Reporting by the GFOA for reports submitted for the 2000 -2009 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. This report must satisfy both generally accepted
accounting principles and applicable legal requirements. This document is helpful when
issuing bonds, as it provides succinct financial data. It is also a good reference report
for non - financial staff.
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POSITION PAPER
Board Meeting Date: December 2, 2010
Subject. APPROVE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT AS OF
JUNE 30, 2010 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, 2010 CAFR on
November 15, 2010 and had no recommended changes.
RECOMMENDED BOARD ACTION: Approve the CAFR for submission to the GFOA.
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