HomeMy WebLinkAbout1997-05-08 City CouncilCity
City of Palo Alto
Manager’s Report
TO:HONORABLE CITY COUNCIL
FROM:CITY MANAGER DEPARTMENT: ADMINISTRATIVE
SERVICES
DATE:MAY 8, 1997 CMR:239:97
SUBJECT:RECOGNITION BY THE GOVERNMENT FINANCE
OFFICERS ASSOCIATION FOR THE CITY OF PALO ALTO
1995-96 COMPREHENSIVE ANNUAL FINANC~L REPORT
REQUEST:
This is an information report, and no Council action is required.
EXECUTIVE SUMMARY:
The City of Palo Alto was recently informed by the Government Finance Officers
Association (GFOA) that its 1995-96 Comprehensive Annual Financial Report (CAFR) has
been recognized with a Certificate of Achievement for Excellence in Financial Reporting.
This is the third consecutive year that the CAFR has been recognized by GFOA, and follows
recognition by the California Society of Municipal Finance Officers for the 1995-96 CAFR.
According to the GFOA, "The Certificate of Achievement is the highest form of recognition
in governmental accounting and financial reporting, and its attainment represents a
significant accomplishment by a government and its management." 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.
PREPARED BY: Susan Thompson, Accounting Manager
DEPARTMENT HEAD APPROVAL: ~.~
~E~ily~Harrison
Assistant City Ma~er
One Fleming-/. .....\
~(y Manager
CC: n/a
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