HomeMy WebLinkAbout1999-03-15 City Council (18)City of Palo Alto
C ty Manager’s Report
TO:HONORABLE CITY COUNCIL
FROM:CITY MANAGER DEPARTMENT: ADMINISTRATIVE
SERVICES
DATE:MARCH 15, 1999 CMR:179:99
SUBJECT:RECOGNITION BY THE CALIFORNIA SOCIETY OF
MUNICIPAL FINANCE OFFICERS FOR THE 1997-98
COMPREHENSIVE ANNUAL FINANCIAL REPORT AND THE
1998-99 ADOPTED BUDGET
This is an informational report and does not require any Council action.
BACKGROUND
The City of Palo Alto was recently informed by the Califomia Society of Municipal Finance
Officers (CSMFO) that it has received awards for the 1997-98 Comprehensive Annual
Financial Report and the 1998-99 Adopted Budget.
The 1997-98 Comprehensive Annual Financial Report (CAFR) has been recognized with an
Award for Outstanding Financial Reporting. This is the fifth 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 fifth year in a row, the budget has received commendation from CSMFO. The 1998-
99 Adopted Budget has been recognized for Excellence in Operating Budgeting. This is the
fourth time Mission Driven Budgeting has received awards from CSMFO.
Along with the award for the budget document the City received recognition for its on-line
version of the budget. The City won awards of merit in both the Public Communication and
Innovation in Budget categories. The City added the budget to its web site in November
1998. The information presented includes departmental budgets, overviews of the General
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Fund and Utility Funds and information on Mission Driven Budgeting. The site also
includes the 1997-98 Year-end Financial Summary.
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 award programs 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 164 cities and special districts in March 1999.
PREPARED BY: Virginia Harrington, Budget Manager
APPROVED BY:
CARL YEATS/
Director, Ad/fiinistrative Services
CITY MANAGER APPROVAL:
EM~HARRISON
Assistant City Manager
CC: n/a
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