HomeMy WebLinkAboutAgenda - 12-13-2011 - 4fORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: December 13, 2011
Action Agenda
Item No. ~{- - -~
SUBJECT: Government Finance Officers' Association (GFOA) Certificate of Achievement
Award
DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No
ATTACHMENT(S): INFORMATION CONTACT:
Attachment 1. GFOA Announcement Clarence Grier, 919-245-2453
Letter to Orange County
Attachment 2. GFOA Press Release
Attachment 3. GFOA Plaque
PURPOSE: To recognize the Financial Services staff of the Orange County Financial Services
Department for earning the Government Finance Officers' Association (GFOA) Certificate of
Achievement for the June 30, 2010 Comprehensive Annual Financial Report (CAFR).
BACKGROUND: GFOA is an internationally recognized organization that 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. The Report must satisfy both generally accepted
accounting principles and applicable legal requirements.
This year marks the twenty-ninth 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. County staff believes that the CAFR for the fiscal year ended June 30,
2011 will meet the Certificate of Achievement Program requirements and will be submitting it to
the GFOA.
FINANCIAL IMPACT: There is not a financial impact of accepting this award.
RECOMMENDATION(S): The Manager recommends that the Board of County Commissioners
recognize the Financial Services Director and staff for receipt of the GFOA Certificate of
Achievement, and present the GFOA plaque to them.
Government Finance Officers Association
203 N. LaSalle Street -Suite 2700
Chicago, II, 60601
Phone (312) 477-9700 Fax (312) 977-4806
June 3, 2011
Clarence G. Grier, CPA, CITP
Director of Financial Services
Orange County
PO Box 8181
Hillsborough NC 2727$-8181
Dear Mr.. Grier:
We are pleased to notify you that your comprehensive annual financial report (CAFR) for the fiscal year ended June 30,
2010, qualifies 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 aze strongly encouraged fo 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 primazily 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 Awazd of Financial Reporting Achievement, and that appropriate
publicity will be given to this notable achievement. A sample news release has been enclosed. VJe 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. Lf 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, 2011.
Your continued interest in and support of the Certificate of Achievement Program is most appreciated. If we may be of any
fiuther assistance, please contact Delores Smith (dsmith@gfoa.org or (312) 578-5454).
Sincerely,
Government Finance Officers Association
~~~ ~
Stephen J. Gauthier, Director
Technical Services Center
SJGJds
~~~~~~ ~
Government Finance Officers Association
203 N. LaSalle Street -Suite 2700
Chicago, IL 60601
Phone (312) 977-9700 Fax (312) 977-4806
~.
06/03/2011
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
financial reporting, and its attainment represents a significant 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, CPA, CTTP, 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
financial story and motivate potential users and user groups to read the CAFR.
The GFOA is a nonprofit professional association serving approximately 17,500 government
finance professionals with ofEces in Chicago, II.., and Washington, D.C.
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Certificate of
Ac ievement
for Excellence
in Financial
Reporting
Presented to
Orange County
North Carolina
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2010
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada. to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting_
~~ ....
President
~~~ ~~~
Executive Director