5.7. SR 02-20-1996 - Laserfiche WebLink

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:ty of MEMORANDUM TO: FROM: Mayor & City Council Pat Klaers, City Administrator DATE: January 16, 1996 SUBJECT: Finance Award It is with great pleasure that I notify the City Council that the City of Elk River has received the Certificate of Achievement for Excellence in Financial Report for the 1994 fiscal year. A plaque will be received within the next two months. Once this plaque acknowledging the Certificate of Achievement is received by the city, a formal Mayor presentation to the Assistant City Administrator is planned. In this manner, a "photo opportunity" will hopefully happen and appropriate recognition for the Finance Department and the Assistant City Administrator, Lori Johnson, can take place. Attached is some information relating to the Certificate of Achievement (COA). The attachments include a letter to the Mayor, a certificate, a news release, and some information from a booklet that was provided to the city that shows which governmental units in Minnesota have received the certificate, along with some data about Minnesota as compared to all of the United States. The COA is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports. In order to be awarded a COA, a government unit must publish an easily readable and efficiently organized comprehensive annual financial report whose components conform to program standards. Such comprehensive annual financial reports must satisfy both generally accepted accounting principals and applicable legal requirements. A COA is valid for a period of one year. The City of Elk river has received a COA for the last six (6) consecutive years ending December 31, 1994. Assistant City Administrator Lori Johnson is the individual that is primarily responsible for having the city earn this certificate. It is also appropriate to acknowledge the work of the Finance Department staff as they have assisted Lori in the background work needed in order to receive this award. It is interesting to note that in 1989, of the approximately 850 cities in Minnesota, the City of Elk river was one of only 48 that received this award. In 1994, the City of Elk River is one of the 69 cities in Minnesota to receive this award. Accordingly, the importance of achieving this award has been emphasized throughout Minnesota and the nation as more and more municipalities are striving to be in compliance with the GFOA standards. This item is on the agenda as information only and no action is necessary by the Council. 13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425