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ity of <br /> <br />MEMORANDUM <br /> <br />Item ~.4 <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor & City Council <br />Pat Klaers, City Ad ~ ' 's~~r <br />March 9, 1998 ~/~/ <br />GFOA Finance Award <br /> <br />It is with great pleasure that I notify the City Council that the City of Elk River has <br />received the Certificate of Achievement (COA) for Excellence in Financial Reporting <br />for the 1996 Fiscal Year. The COA plaque acknowledging this award will be <br />received in about two months. Assistant City Administrator Lori Johnson is the <br />individual that is primarily responsible for having the city earn this certificate, <br />however, this achievement could not have obtained without the full support and <br />work of the finance department. <br /> <br />The COA is a prestigious national award recognizing conformance with the highest <br />standards for preparation of state and local government financial reports. In order <br />to be awarded a COA, the governmental unit must publish an easily readable and <br />efficiently organized Comprehensive Annual Financial Report (CAFR) whose <br />components conform to program standards. The CAFR must satisfy both generally <br />accepted accounting principles and applicable legal requirements. The COA is valid <br />for a one year period. The City of Elk River has received the COA eight (8) <br />consecutive years ending December 31, 1996. <br /> <br />Attached is some information relating to the COA. The attachments include a letter <br />to the Mayor, a certificate, a news release, and some page from the booklet that was <br />provided to the city. It is interesting to note that in 1988, of the approximately 850 <br />cities in Minnesota, only 48 municipalities received this award. In 1996, the City of <br />Elk River is one of 76 communities to receive this award. Accordingly the <br />importance of achieving the COA has been emphasized throughout Minnesota as <br />more and more communities are striving to be in compliance with GFOA standards. <br /> <br />This item is on the agenda as information only and no action is necessary from the <br />City Council except for acknowledgement of receiving this award. Lori Johnson will <br />be in attendance at this meeting to answer questions. A "photo opportunity" will <br />hopefully take place once the plaque has been received. <br /> <br />\\elkriver\sys\shrdoc\councfl\gfoa.doe <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />