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Home My WebLink About02. Receive the GFOA Certificate of Achievement for Excellence in Financial Reporting Page 1 of 7 Item 2. CENTRALSAN Jdf A- hom CENTRAL CONTRA COSTA SANITARY DISTRICT September 16, 2021 TO: HONORABLE BOARD OF DIRECTORS FROM: KEVIN MIZUNO, FINANCE MANAGER REVIEWED BY: PHILIP LEIBER, DIRECTOR OF FINANCE AND ADMINISTRATION ROGER S. BAILEY, GENERAL MANAGER SUBJECT: RECEIVE THE GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA) CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING FOR FISCALYEAR (FY) 2019-20 Each year, upon the completion of the audit of the financial statements and preparation of the Comprehensive Annual Financial Report, Central San's Finance Division submits the report to the Government Finance Officers Association (GFOA) in an effort to earn the Certificate of Achievement for Excellence in Financial Reporting. Management's goal each year is that the submitted Annual Report meets the high standards of the GFOA's prestigious award program. I n July 2021, the GFOA embarked on a campaign to "end the acronym" and encouraged all of its members to discontinue the use of the old four letter acronym used for the comprehensive annual financial report and instead use other acceptable alternatives such as "annual report". This recommendation is the result of increasing professional awareness that the acronym, when pronounced aloud, sounds the same as a derogatory term historically used in certain parts of the world. Accordingly, this year and moving forward, staff will refer to the Comprehensive Annual Financial Report as Central San's "Annual Report." Staff submitted the Central San Annual Report for the fiscal year ended June 30, 2020 (FY 2019-20)for review and has been awarded the Certificate of Achievement for Excellence in Financial Reporting for the 21 st consecutive year. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting. Staff is pleased to announce that the FY 2019-20 Annual Report has been judged to meet the criteria and high standards of the GFOA's award program. The Annual Report demonstrates the "spirit of full disclosure," clearly communicating its financial story and enabling stakeholders to become more informed about the overall financial health of Central San. Strategic Plan re-In GOAL ONE: Customer and Community Strategy 2—Maintain a positive reputation September 16, 2021 Regular Board Meeting Agenda Packet- Page 11 of 85 Page 2 of 7 GOAL THREE:Fiscal Responsibility Strategy 2—Ensure integrity and transparency in financial management ATTACHMENTS: 1. GFOA Press Release 2. GFOA Certificate of Achievement 3. Presentation September 16, 2021 Regular Board Meeting Agenda Packet- Page 12 of 85 Page 3 of 7 Attachment 1 GOVERNMENT FINANCE OFFICERS ASSOCIATION NEWS RELEASE FOR IMMEDIATE RELEASE 8/25/2021 For more information contact: Michele Mark Levine,Director/TSC Phone: (312)977-9700 Fax: (312)977-4806 Email: mlevine@gfoa.org (Chicago, Illinois)—Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to Central Contra Costa Sanitary District for its comprehensive annual financial report for the fiscal year ended June 30, 2020. The report has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the report. The Certificate of Achievement is'the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. Government Finance Officers Association(GFOA)advances excellence in government finance byproviding best practices,professional development, resources, and practical research for more than 21,000 members and the communities they serve. 203 NORTH LASALLE STREET, SUITE 2700, CHICAGO, ILLINOIS 60601-1210 September 16, 2021 Regular Board Meeting Agenda Packet- Page 13 of 85 Page 4 of 7 Attachment 2 Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Central Contra Costa Sanitary District California For its Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2020 P. Executive Director/CEO September 16, 2021 Regular Board Meeting Agenda Packet- Page 14 of 85 Page 5 of 7 Attachment 3 h CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING Kevin Mizuno y Finance Manager September 16, 2021 Board Meeting 4 1 GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA) • Founded in 1906 representing public finance officials throughout the United States and Canada • More than 20,000 members are federal, state/provincial, and local finance officials deeply involved in planning, financing & implementing thousands of governmental operations in each of their jurisdictions • GFOAs mission is to advance excellence in public finance and is the known leader in the field • Provides best practice guidance, consulting, networking opportunities, publications, training and award programs 1z 2 1 September 16, 2021 Regular Board Meeting Agenda Packet- Page 15 of 85 Page 6 of 7 THE AWARD Established in 1945 to encourage and assist Certificate state and local governments to go beyond °achievement the minimum requirements of GAAP Financia® Comprehensive Annual Financial Reports (Annual Reports) are above and beyond GAAP to evidence the spirit of transparency and full disclosure GFOA's Certificate of Achievement for Excellence in Financial Reporting recognizes organizations that have achieved this goal Goal is not to assess financial health of participating governments, but to ensure financial statement users have the information needed to do so themselves 3 ELIGIBILITY AND REVIEW PROCESS - Reports submitted are reviewed by selected members of the GFOA professional staff and the GFOA Special Review Committee (SRC) The SRC is comprised of individuals with expertise in public sector financial reporting including: financial statement preparers, independent auditors, academics, and other finance professionals Must be an Annual Report and in almost all circumstances include an unmodified ("clean") independent audit opinion Only awarded if there is a consensus among reviewers the Annual Report substantially complies with both GAAP and program policy _P 4 2 September 16, 2021 Regular Board Meeting Agenda Packet- Page 16 of 85 Page 7 of 7 CONTINUED EXCELLENCE G� GFOA issued press release announcing award August 25, 2021 21 st consecutive year receiving the awardfor Excellrnce in Finaiuinl Refining . Intend to apply for award for FY 2020- I— ,o,,,,, 21 annual report c.nmti. • Continued staff training on best practices and new pronouncements Ir 10.qti .P issued by the GASB • District-wide collaborative effort dev15 5 THANK YOU For the dedication of Central San's Finance Division staff: Christopher Thomas (Accounting Supervisor) Olivia Ruiz (Accounting Supervisor) Amal Lyon (Accountant) Diana Diaz (Accountant) Nicole Marshall (Accounting Technician) Kate Grumbine (Accounting Technician) Theresa McCauley (Accounting Technician) ', 6 re 6 3 September 16, 2021 Regular Board Meeting Agenda Packet- Page 17 of 85