Title
Presentation of Certificate of Achievement for Excellence in Financial Reporting for the Fiscal Year Ended September 30, 2014
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: September 1, 2015
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officers
RECOMMENDED CITY COUNCIL ACTION:
• Acceptance of award
ITEM SUMMARY:
• The GFOA (Government Finance Officers Association) has awarded 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, 2014.
• The Certificate of Achievement 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 be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.
• This is the 31st consecutive year the City has received this award.
BACKGROUND INFORMATION:
• The CAFR has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive “spirit of disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the financial report.
• The GFOA is a nonprofit professional association serving nearly 17,500 government finance professionals.
FINANCIAL SUMMARY:
• N/A
BOARD OR COMMISSION RECOMMENDATION:
• N/A