HomeMy WebLinkAboutAgenda - 12-06-2010 - 3cORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: December 6, 2010
Action Agenda
Item No. 3 - G
SUBJECT: Certificate of Achievement for Excellence in Financial Reporting
DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No
ATTACHMENT(S): INFORMATION CONTACT:
Attachment 1. GFOA Announcement
Letter to Orange County Clarence Grier, 919-245-2453
Attachment 2. GFOA Press Release
Attachment 3. Copy of GFOA Plaque
PURPOSE: To recognize staff of the Orange County Financial Services Department for earning
the Government Finance Officers' Association (GFOA) Certificate of Achievement for the June
30, 2009 Comprehensive Annual Financial Report (CAFR).
BACKGROUND: GFOA is an internationally recognized organization the offers guidance and
support to local and state government budget and finance professionals throughout the United
States and Canada. The GFOA Certificate of Achievement is the highest form of recognition a
government can receive in the areas of governmental accounting and financial reporting. The
attainment of the award represents a significant achievement by a government and its
management. In order to receive this award, the County must publish an easily readable and
efficiently organized CAFR. Additionally, the County's CAFR must undergo a stringent program
of review to assess if the County has proficiently applied governmental accounting and financial
reporting for the fiscal year under review. This report must satisfy both generally accepted
accounting principles and applicable legal requirements.
This year marks the nineteenth year that Orange County has received the GFOA Certificate of
Achievement. A Certificate of Achievement is valid for a period of one year only. Eligibility
standards, reviews, and expectations for the award have become more complex, demanding
and stringent each year. Staff believes that the County's CAFR for the fiscal year ended June
30, 2010 will meet the Certificate of Achievement Program requirements will be submitting it to
the GFOA.
FINANCIAL IMPACT: There is not a financial impact with accepting this award.
RECOMMENDATION(S): The Manager recommends that the Board recognize the Financial
Services Director and staff for receipt of the GFOA Certificate of Achievement and present the
GFOA plaque to them.
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Government Finance Officers Association
203 N. LaSalle Street -Suite 2700
Chicago, IL 60601
L Phone (312) 977-9700 Fax (312) 977-4806
September 23, 2010
Clarence G. Grier
Director of Financial Services
Orange County
PO Box 8181
Hillsborough NC 27278-8181
Dear 1VIr. Grier:
We aze pleased to notify you that your comprehensive annual financial report (CAFR) for the fiscal year ended June 30,
2009, qual~es for a Certificate of Achievement for Excellence in Financial Reporting. The Certificate of Achievement is the
highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant
accomplishment by a government and its management.
Each entity submitting a report to the Certificate of Achievement review process is provided with a "Summary of Grading"
form and a confidential list of comments and suggestions for possible improvements in its financial reporting techniques.
Your list has been enclosed. You are strongly encouraged to implement the recommended improvements into the next report
and submit it to the program. If it is unclear what must be done to implement a comment or if there appears to be a
discrepancy between the comment and the information in the CAFR, please contact the Technical Services Center (312)
977-9700 and ask to speak with a Certificate of Achievement Program in-house reviewer.
Certificate of Achievement program policy requires that written responses to the comments and suggestions for improvement
accompany the next fiscal year's submission. Your written responses should provide detail about how you choose to address
each item that is contained within this report. These responses will be provided to those Special Review Committee members
participating in the review.
When a Certificate of Achievement is awarded to a government, an Award of Financial Reporting Achievement (AFRA) is
also presented to the individual(s) or department designated by the government as primarily responsible for its having earned
the Certificate. As the designated individual we have enclosed your AFRA.
Your Certificate of Achievement plaque will be shipped to you under separate cover in about eight weeks. We hope that you
will arrange for a formal presentation of the Certificate and Award of Financial Reporting Achievement, and that appropriate
publicity will be given to this notable achievement. A sample news release has been enclosed. We suggest that you provide
copies of it to local newspapers, radio stations and television stations. In addition, details of recent recipients of the
Certificate of Achievement and. other information about Certificate Program results are available in the "Awards Program"
area of our website, www.gfoa.org .
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A current holder of a Certificate of Achievement may include a reproduction of the award in its immediately subsequent
CAFR. A camera ready copy of your Certificate is enclosed for that purpose. If you reproduce your Certificate in your next
report, please refer to the enclosed instructions. A Certificate of Achievement is valid for a period of one year. To continue
to participate in the Certificate of Achievement Program it will be necessary for you to submit your next CAFR to our review
process.
In order to expedite your submission we have enclosed a Certificate of Achievement Program application form to facilitate a
timely submission of your next report. This form should be completed and sent (postmarked) with three copies of your
report, three copies of your application, three copies of your written responses to the program's comments and suggestions for
improvement from the prior year, and any other pertinent material with the appropriate fee by December 31, 2010.
Your continued interest in and support of the Certificate of Achievement Program is most appreciated. If we may be of any
further assistance, please contact Delores Smith (dsmith@gfoa.org or (312) 578-5454).
Sincerely, .
Government Finance Officers Association
-~~~
Stephen J. Gauthier, Director
Technical Services Center
SJG/ds
4
G~
09/23/2010
Government Finance Officers Association
203 N. LaSalle Street -Suite 2700
Chicago, IL 60601
Phone (312)977-9700 Fax (312)977-4806
NEWS RELEASE
For Information contact:
Stephen Gauthier (312) 977-9700
(Chicago}--The Certificate of Achievement for Excellence in Financial Reporting has been
awarded to Orange County by the Government Finance Officers Association of the United States
and Canada (GFOA) for its comprehensive annual fmancial report (CAFR). The Certificate of
Achievement is the .highest form of recognition in the area of governmental accounting and
fmancial reporting, and its attainment represents a sign~cant accomplishment by a government
and its management.
An Award of Financial Reporting Achievement has been awarded to the individual(s),
department or .agency designated by the government as primarily responsible for preparing the
award-winning CAFR This has been presented to:
Clarence G. Grier, Director of Financial Services
The CAFR has been judged by an impartial panel to meet the high standards of the program
including demonstrating a constructive "spirit of full disclosure" to clearly communicate its
fmancial story and motivate potential users and user groups to read the CAFR.
The GFOA is a nonprofit professional association~serving approximately 17,500 government
fmance professionals with offices in Chicago, IL, and Washington, D.C.
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Certificate of
Achievement .
for Excellence
in Financial
Reporting
Presented to
Orange County
North Carolina
. For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2009
A Certificate of Achievement for Excellence in Financial
Reporting is presented ~y the Government Finance Officers
Association of the United States and Canada to
government emits and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government acwunting
and financial reporting.
-. ..
President
Executive Director