HomeMy WebLinkAbout1998-03-16 City Council (48)TO:
City of Palo Alto
City Manager’s Report
HONORABLE CITY COUNCIL
FROM:CITY MANAGER DEPARTMENT: ADMINISTRATIVE
SERVICES
DATE:
SUBJECT:
MARCH 16, 1998 CMR:166:98
RECOGNITION BY THE CALIFORNIA SOCIETY OF
MUNICIPAL FINANCE OFFICERS FOR THE 1996-97
COMPREHENSIVE ANNUAL FINANCIAL REPORT AND THE
1997-98 ADOPTED BUDGET
This is an informational report and does not .require any Council action.
EXECUTIVE SUMMARY
The City of Palo Alto was recently informed by the Califomia Society of Municipal Finance
Officers (CSMFO) that it has received awards for the 1996-97 Comprehensive Annual
Financial Report and the 1997-98 Adopted Budget.
The 1996-97 Comprehensive Annual Financial Report (CAFR) has been recognized with an
Award for Outstanding Financial Reporting. This is the fourth year in a row that the CAFR
has been recognized by CSMFO. The CSMFO Review Committee performs an in-depth
evaluation of the CAFR. To qualify for the award, a CAFR must be prepared in
conformance with generally accepted accounting principles, and be audited in conformance
with generally accepted auditing standards. In addition, the Committee evaluates such things
as efficient organization, clearness and ease of reading, and effective and fair presentation
of financial information.
For the fourth year in a row, the budget has received commendation from CSMFO. The
1997-98 Adopted Budget has been recognized for Excellence in Operating Budgeting and
Excellence in Capital Budgeting. This is the third time Mission Driven Budgeting has
received awards from CSMFO. This year, the award for the operating budget was raised
from merit (for the 1996-98 budget) to excellence. The 1997-98 Budget included additional
demographic descriptive information which helped raise the award level.
CMR:166:98 Page 1 of 2
CSMFO is dedicated to excellence in municipal financial management as embodied by the
Budget Awards Program which recognizes achievements in the areas of operational
budgeting and capital budgeting. The purpose of the awards is to set a high standard of
professionalism which will enhance the audiences’ understanding of the mechanics of local
government and to enhance the budget and its process. Awards were presented to 145 cities
and special districts in February.
PREPARED BY: Virginia Harrington, Acting Assistant Director, Administrative Services
APPROVED BY:
Melis~a Cavallo ’
Acting Director
Administrative Services
CITY MANAGER APPROVAL:
CC: n/a
Assistant City Manager
CMR:166:98 Page 2 of 2