HomeMy WebLinkAbout1996-02-15 City Council (7)City of Palo Alto
City Manager’s Report
TO:HONORABLE CITY COUNCIL
FROM:CITY MANAGER DEPARTMENT: ADMINISTRATIVE
SERVICES
DATE:FEBRUARY 15, 1996 CMR:152:96
SUBJECT:RECOGNITION BY THE CALIFORNIA SOCIETY OF
MUNICIPAL FINANCE OFFICERS FOR THE CITY OF PALO
ALTO 1994-95 COMPREHENSIVE ANNUAL FINANCIAL
REPORT
REQUEST:
This is an information report and does not require any Council action.
EXECUTIVE SUMMARY"
The City of Palo Alto was recently informed by the California Society of Municipal Finance
Officers (CSMFO) that its 1994-95 Comprehensive Annual Financial Report (CAFR) has
been recognized with an Award for Outstanding Financial Reporting. This is the second 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.
The CAFR was also submitted to the Government Finance Officers of America for an award,
and staff expects to be informed of the outcome of that judging process in a few months.
CMR:152:96 Page 1 of 2
DEPARTMENT HEAD APPROVAL:
~rrison
Deputy City Manager,
Administrative Services
CITY MANAGER APPROVAL:
CC: n!a
CMR:152:96 Page 2 of 2