Title
Presentation of Excellence in Financial Reporting
Summary
MEETING DATE: February 21, 2012
DEPARTMENT: Finance
CONTACT: Rodney Rhoades, Finance Director
RECOMMENDED CITY COUNCIL ACTION: Acceptance of Award
ITEM SUMMARY:
· [The GFOA (Government Finance Officers Association) has presented a "Certificate of Achievement for Excellence in Financial Reporting" to the City of McKinney for its Comprehensive Annual Financial Report (CAFR) for the fiscal year ended September 30, 2010.
· This award is the highest form of recognition in government accounting and financial reporting. Its attainment represents a significant accomplishment by a government and its management.
· In order to receive this award, an easily readable and efficiently organized comprehensive annual financial report must be published. The reports contents must conform to program standards, comply with generally accepted accounting principles, and satisfy applicable legal requirements.
· The City of McKinney has received this award for the past 27 consecutive years.
BACKGROUND INFORMATION:
· The CAFR has been judged by an impartial panel to meet the high standards of the program. This includes demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the financial report.
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A