Title
Receive a report from the Auditor-Controller regarding the award of the Certificate of Achievement for Excellence in Financial Reporting for the Comprehensive Annual Financial Report (CAFR) for the Fiscal Year Ended June 30, 2013 and the Association of Government Accountants 2013-14 Chapter Recognition Award for providing an excellent educational program.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Receive a report from the Auditor-Controller regarding the award of the Certificate of Achievement for Excellence in Financial Reporting for the Comprehensive Annual Financial Report (CAFR) for the Fiscal Year Ended June 30, 2013 and the Association of Government Accountants 2013-14 Chapter Recognition Award for providing an excellent educational program.
SUMMARY:
The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the "Certificate of Achievement for Excellence in Financial Reporting" to the County of Monterey for the CAFR for the fiscal year ended June 30, 2013. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. The award winning 2012-13 CAFR provides assurance to the Nationally Recognized Statistical Ratings Organizations ("NRSRO's") and bond insurers that the County's financials adequately described and presented the County's financial position.
The Association of Government Accountants has awarded the Central Coast Chapter the 2013-14 Chapter Recognition Award. The Office of the Auditor-Controller supports the Central Coast Chapter and co-sponsors a number of local educational events at which County financial staff receive accounting, tax and auditing updates and general education. Through the efforts of the Central Coast Chapter, certified accountants receive required continuing professional education credits.
DISCUSSION:
A GFOA impartial panel has judged that the CAFR for the fiscal year ended June 30, 2013 meets the high standards of the GFOA financial reporting program. The CAFR demonstrates a constructive "spirit of full disclosure" to clearly communicate the County's financial story. The GFOA is a nonprofit professional association serving approximately 16,000 government finance professionals with offices in Chicago, IL and Washington, DC.
The 2012-13 CAFR is available to read and review on the website of the Office of the Auditor-Controller (www.co.monterey.ca.us/auditor <http://www.co.monterey.ca.us/auditor>). In the CAFR, the Government-wide financial statements are designed to provide financial information on a full accrual basis. The governmental funds statements provide information on near-term inflows, outflows, and balance of available resources for spending.
Association of Government Accountant's (AGA) mission is to serve professionals in the government financial management community by providing quality education, fostering professional development and certification, and supporting standards and research to advance government accountability.
The Chapter Recognition Program (CRP) is designed to support, encourage and promote the accomplishment of AGA's mission, and to provide flexible noncompetitive guidelines for a well-rounded chapter. The CRP is a noncompetitive program recognizing a chapter's performance in relation to a standard or benchmark linked to AGA's mission.
FINANCING:
Investors and creditors need financial information to determine the creditworthiness of Monterey County and whether the County is complying with finance-related legal and contractual requirements. Reception of the GFOA award provides a significant level of assurance to the tax payers of Monterey County, the investors, creditors, and other interested parties that our financial information is clearly and professionally presented.
Prepared by: Alfred R. Friedrich, CGFM, Assistant Auditor-Controller, 755-5343
Approved by: Michael J. Miller, CPA, CISA, Auditor-Controller, 755-5040
Attachments:
GFOA Award 2013
AGA Chapter Award Letter