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ity of <br /> <br />iver <br /> <br />MEMORANDUM <br /> <br />Item 6.3. <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor & City Council <br />Pat Klaers, City trator <br />December 14, 1998 <br /> <br />GFOA Finance Award <br /> <br />It is with great pleasure that I notify the City Council that the city of Elk <br />River has received the Certificate of Achievement (COA) for Excellence in <br />Financial Reporting for the 1997 Fiscal Year. The COA plaque acknowledging <br />this award will be received in about two months. <br /> <br />The COA is a prestigious national award recognizing conformance with the <br />highest standards for preparation of state and local government financial <br />reports. In order to be awarded a COA, the governmental unit must publish <br />an easily readable and efficiently organized Comprehensive Annual Financial <br />Report (CAFR) whose components conform to program standards. The CAFR <br />must satisfy both generally accepted accounting principles and applicable <br />legal requirements. The COA is valid for a one year period. The city of Elk <br />River has received the COA for nine (9) consecutive years ending December <br />31, 1997. <br /> <br />Attached is some COA information. The attachments include a letter to the <br />Mayor, a news release, a certificate, and some pages from the booklet that was <br />provided to the city. It is interesting to note that in 1988, of the approximately <br />850 cities in Minnesota, only 48 municipalities received this award. In 1997, <br />Elk River was one of 79 communities to receive this award. As you can tell, <br />the importance of receiving the COA is being emphasized more and more <br />throughout Minnesota and the entire United States. <br /> <br />This item is on the agenda as information only and no action is necessary from <br />the City Council except for acknowledgement of receiving the award. Lori <br />Johnson will be in attendance at this meeting to answer questions. The <br />receipt of this award is due to the efforts of the entire finance department staff <br />including Joan Frick, Lauren Wipper, Lori Ziemer, and Lori Johnson. Lori <br />Ziemer and Lori Johnson are responsible for preparation of the city's financial <br />report. A "photo opportunity" will hopefully take place once the plaque has <br />been received. <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 />