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<br /> <br />Item 6.1. <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Mayor and City Council <br /> <br />DATE: <br /> <br />Pat Klaers, City Administj~M:...o.. r <br />JlA" <br />March 7, 2005 <br /> <br />/ <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Government Finance Officers Association Award <br /> <br />I am very pleased to once again notify the City Council that the City of Elk River has <br />received the Certificate of Achievement for Excellence in Financial Reporting for the 2003 <br />Fiscal Year. A Certificate of Achievement plaque acknowledging this award will be received <br />in the near future. <br /> <br />The Certificate of Achievement is a prestigious national award recognizing performance with <br />the highest standards for preparation of state and local government financial reports. The <br />Certificate of Achievement is valid for a one year period. The City of Elk River has received <br />the Certificate of Achievement for 15 consecutive years ending December 31, 2003. <br />Receiving the award for 2003 is especially satisfying when considering that the city's 2003 <br />Comprehensive Annual Financial Report (CAFR) is the first report completed under the <br />new governmental accounting rules of Governmental Accounting Standards Board <br />Statement 34 (GASB 34). <br /> <br />As noted in the city 2003 Finance Department Annual Report: the new GASB 34 reporting <br />requirements dramatically changed the way in which financial data is presented. One of the <br />changes was the inclusion of capital assets in the governmental fund statements. The first <br />year for reporting under the new requirements was a significant undertaking as the entire city <br />infrastructure had to be inventoried, valued, and depreciated to represent current value. <br /> <br />The city receiving this award is due to the efforts of the entire Finance Department <br />including: Joan Frick, Senior Accounting Clerk; Lauren Wipper, Payroll Clerk; Denise Cully, <br />Accounting Clerk (part time); Lori Ziemer, Assistant Finance Director; and Lori Johnson, <br />Director of Finance and Administrative Services. Responsibility for preparation of the <br />CAFR lies with Lori Ziemer and Lori Johnson. <br /> <br />This item is on the agenda for information only and no action is necessary from the City <br />Council. Attached is some Certificate of Achievement information, including a news release, <br />along with some pages from the booklet that was provided to the city by the Government <br />Finance Officers Association. <br /> <br />s: \ Council\Pat\200S \gfoaA ward. doc <br />